Word: feo
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Dates: during 1970-1979
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Federal Energy Office Deputy Administrator John Sawhill last week defended oil profits in general as "reasonable," but some of his aides harbor deep suspicions. FEO General Counsel William Walker told TIME Correspondent John Berry that the agency is quietly investigating the possibility that "several" major oil companies have sold crude, pumped by their foreign subsidiaries, to their U.S. subsidiaries at prices at least $1 or $2 per bbl. higher than world market prices-and then passed on the artificially high prices to the U.S. consumer. Charles Owens, the FEO's man in charge of price control, added that...
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...
When William Simon was named to create the Federal Energy Office last December, his job was staggering but at least sharply defined: to cope with a full-blown crisis of menacing proportions. Now that he is leaving to become Secretary of the Treasury, his deputy and successor as FEO chief, John Crittenden Sawhill, faces a more complex and subtle challenge...
...being replaced as energy chief by John Sawhill, a 37-year-old former budget official whom Simon chose as his deputy when the Federal Energy Office was created last December. Simon will probably continue to set broad energy policies, while Sawhill will oversee day-to-day operation of the FEO...
...odds with the President last winter when Simon ridiculed some energy-crisis observations by the Shah of Iran, whom Nixon immediately defended. A demon on the telephone, Simon sometimes makes more than 100 calls in a single evening. At a champagne party in his honor last week, his FEO staff presented him with a toy telephone...