Word: fea
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...special Federal Energy Administration task force, headed by the SEC's director of enforcement, Stanley Sporkin, declared that the FEA had failed in its duty to police the pricing practices of the major oil companies. As a result, the task force asserts, the companies had possibly overcharged the consuming public "several billions of dollars." The FEA has begun new hearings aimed at tightening auditing procedures. This week the agency will open an investigation of alleged price gouging on fuel oil used in home heating; one consumer group is claiming the FEA permitted oil companies to overcharge by $2 billion...
...good year will provide at least a bit of breathing space for the manufacturers, who soon will be hit by costly new federal energy-saving regulations. A Federal Energy Administration study shows that air conditioners account for 7% of the electricity used in the U.S. The FEA estimates that air conditioning uses up the equivalent of 1 million bbl. per day of oil, or 2.5% of the U.S.'s daily energy consumption. More than 70% of all new homes built in the U.S. now have central air conditioning, and 53% of all older homes have at least one room...
...result, the 1975 Energy Policy and Conservation Act empowered federal regulatory agencies to set targets for higher efficiency from home appliances. On July 15 the FEA announced voluntary efficiency goals for the industry: by 1980, new central air conditioners should be 25% more efficient than present models, while room air conditioners should be 30% more efficient...
...energy and power subcommittee was crucial to deregulation of natural gas prices. The industry wants it; the Administration does not, at least for the foreseeable future. In drumfire order, Russo was lobbied by Carter, Energy Chief James Schlesinger, Dingell, O'Neill, White House Lobbyist Jim Free, FEA Administrator John O'Leary and industry lawyers. The Consumer Federation's Ellen Berman spent seven hours with Russo, at one point debating American Gas Association President G.H. ("Bud") Lawrence in Russo's office...
Consumption is perilously close to the record of 7.3 million bbl. used daily in the U.S. in August 1973, shortly before the October embargo. Since gas sales are highest in summer when more vacationers are on the road, August of the Bicentennial year could be a dilly. FEA has another, equally sobering set of statistics. Whereas in 1960 only 18.8% of oil used in the U.S. came from foreign sources, in the pre-embargo period of 1973 that figure rose to 36.2%. Currently it is about 40%. So much for independence...