Word: dieselization
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...truckers' key complaint was that rising diesel-oil prices, which since September have jumped 18? a gallon to 45?, and the general scarcity of fuel were cutting their incomes by more than one-third. The Administration produced this formula: to make up for increased fuel costs, shippers, upon request to the Interstate Commerce Commission, will be allowed to add 6% immediately, along with their regular payment. The boost will ultimately be passed along to the consumer in the form of higher prices for almost everything that is hauled by truck...
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...
Shootings, beatings and other violence flared along major highways last week as independent truck owners sought to tie up the nation's road transport to protest the rising price and scarcity of diesel fuel. Rejecting an Administration offer aimed at satisfying their complaints, the loosely organized independents called a nationwide strike that has disrupted shipments of steel and other materials and threatens some cities with food shortages...
...Petroleum Institute show that on Jan. 4 stocks of gasoline and residual oil (used to power factories and electric utility plants) were slightly lower than a year earlier. But inventories of jet fuels were slightly above those of early 1973, and refinery stocks of middle distillates (heating oils and diesel fuel), at 198.5 million bbl., were a startling 22% higher than they were a year earlier. The total for all major products, 488.4 million bbl., was almost 9% above the amount at the start of 1973. Thus many people are taking a line that goes roughly like this: the companies...
Displaying a sure political instinct, Simon has been extremely sensitive to reports of domestic price-gouging. When truck drivers last month blockaded highways to protest, among other things, allegedly illegal price boosts on diesel fuel, Simon ordered Internal Revenue Service agents to "sweep" truck stops in 16 states. The taxmen found 1,222 of 4,689 truck stops violating regulations. Most were ordered to roll back prices and make refunds to truckers...