Word: diesel
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Dates: during 1970-1979
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...affluent friends provide only California jug wine-in Waterford decanters. A Los Angeles millionairess, Elsie Pollack, now features chili at her dinner parties; another wealthy hostess has replaced cut flowers with synthetic centerpieces. A Chicago industrialist has turned in his Cadillac for a relatively miserly Mercedes 220 with a diesel engine that gets up to 32 m.p.g...
...loans. While U.S. corporations have to pay 11½% or more interest on borrowings from commercial banks, the Soviets are getting Ex-Im money at 61/2%. Iran is paying around 6% on Ex-Im loans of $877 million to finance such things as oil refineries, airplanes and diesel locomotives-even though, as Scoop Jackson points out, Iran is awash in oil dollars. Casey persuasively defends the rates as competitive with those charged by export-finance agencies in Britain, France, Japan, Canada, Italy and Germany. If the Soviets and Iranians cannot get cheap credit from Ex-Im, he says, they will...
Sawhill himself announced last week that the FEO already has ordered oil companies big and small to refund $86.7 million in profits from sales of gasoline, home heating oil, diesel fuel and propane gas sold over the past four months at prices higher than those allowed by law. The refunds are being made directly to customers or, where records do not exist, in the form of lower prices. Some of the overcharges were the result of honest misinterpretation of federal pricing guidelines, Sawhill said, but others "were out-and-out examples of price gouging." Sawhill did not name the companies...
...shortage is on agriculture. This year, the combination of drought and fertilizer shortages is likely to hold India's grain harvest low enough to cause near famine; the power scarcity worsens the situation by making electric irrigation pumps all but useless. In Punjab state, wealthy farmers had purchased diesel pumps to use when the electric pumps failed, but the oil troubles have made diesel fuel scarce too. Gas stations selling diesel fuel have to be protected by policemen from mobs of farmers who wait for days for tank trucks to arrive and then storm the pumps. Some trucks have...
Federal Energy chief William Simon promised that enough diesel oil will be allocated to truck stops to provide fuel without limit to drivers. He even issued a toll-free "hot line" telephone number (800-424-8660) on which independents can report directly to the Federal Energy Office any fuel shortages or price gouging. In still more concessions, the Administration also put a freeze on the retail price of diesel oil until March 1, exempted truckers from the ban on Sunday fuel sales, and promised a "full audit of the oil industry...