Word: crude
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Dates: during 1970-1979
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...Leary unfortunately compounded the confusion. In April, President Carter asserted that stocks of crude oil were dangerously low and had to be rebuilt. Result: oil companies obediently stored crude that they normally would have refined into gasoline. Last week O'Leary said the oil companies had been too "conservative" and urged them to reduce stocks of both crude oil and gasoline in order to make more gas available...
...that Congress needs any such incentive. Having rejected Carter's conservation and stand-by gas rationing proposals, the legislators are now rebelling against his plan to phase out price controls on domestically produced crude oil beginning in June. Carter decided on decontrol in the hope that higher prices would both discourage consumption and stimulate production-and also in the belief that Congress wanted to end controls...
...crunch that was caused by the cutoff of oil from Iran earlier this year taught the world how deeply dependent it is on crude from that tortured land. Lately the export flow has been back up to 3.3 million bbl. per day, but there were reports last week that production is dropping, and once again the supply is endangered. A shutdown of Iranian production would put the U.S. in a tough position. Oil stocks are already very low, and consumption would have to be reduced by at least 1.7 million to 2 million bbl. per day. "We would hope that...
...being pursued by the Federal Trade Commission because statistics showed that gasoline production may have fallen more sharply than warranted. Said Alfred Dougherty Jr., the FTC's Bureau of Competition director: "If this cutback in the production of refined products was not justified by a scarcity of crude oil or other legitimate business reasons, the current gasoline shortage may be contrived." Admitted FTC Investigator Ronald Rowe: "Right now, we have a lot more questions than we have answers...
...hold down domestic prices, the Department of Energy urged oil companies not to buy crude on the spot market, where prices are up to $12 higher than the world average of $18 per bbl. There is some debate among oilmen over the degree to which this policy affected supplies. In any event, because of a change in DOE policy last week, the companies are now free to buy on the spot market, though several of them are reluctant to do so until the Government assures them that they can pass the extra costs on to consumers...