Word: feo
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Dates: during 1970-1979
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...officials of the Federal Energy Office. The plan for crude oil at one point forced oil companies that had supplies sufficient to run their refineries at more than 76% of capacity to sell the "excess" to competitors who had less, at low Government-mandated prices. Rather than do so, FEO officials believe, some oil companies slashed imports. Some Government officials complain that weeks passed between FEO'S discovery of a decline in imports and Simon's decision to order needed changes in the program. One economist at the Council of Economic Advisers grumbles, "There was great reluctance...
...working overtime to find solutions. Late last month he ordered additional "emergency" allotments of fuel to 26 states and the District of Columbia. That required a drawdown in gasoline inventories that, if repeated, could have serious effects later this year unless the Arab embargo is eased. Simon believes that FEO can "cool off the situation within three to six weeks by shifting fuel from states with ample supplies to those that are hard...
...average, the handicapped need 100 gal. Disabled drivers require more gas because they are dependent on their cars for traveling even the shortest distances. The Department of Health, Education and Welfare and the President's Committee on Employment of the Handicapped, however, are working with the FEO to change its plans. At the local level, some of the handicapped are organizing to protest. At a rally in New York last week, several groups threatened to stage traffic-blocking demonstrations if they are not given special consideration under that state's rationing plan...
...many small-and medium-sized refiners with inadequate crude supplies stopped trying to buy oil abroad at auction prices ranging up to $20 per bbl., secure-they thought-in the knowledge that they could buy it at home for about $7 or $8. But major oil companies, or so FEO officials believe, reduced imports because they were reluctant to sell so cheaply. Gulf Oil has brought suit against the FEO, charging that by requiring it to sell its crude at relatively low prices, the Government is in effect confiscating its property...
...FEO officials privately concede that the crude-oil allocation plan, which was ordered by Congress, has been an "unmitigated disaster." Simon last week called on Congress to suspend the program for 90 days to allow time to amend the system. Such a move would temporarily enable the majors to keep all the oil they import for themselves and should persuade them to step up imports. One possible change in any new allocation plan: only small refineries turning out no more than 30,000 bbl. per day would be permitted to buy from companies in the U.S. That limitation would probably...