Word: feo
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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...
...importance of continued conservation is underscored by two sets of estimates from the Federal Energy Office. If demand is unconstrained, FEO figures, petroleum supply this quarter will fall 6% short of potential use. The shortfall would be 3% in the third quarter and 4% in the fourth. Gasoline shortages would range between 2% and 5% for the rest of this year, and residual oil used to power electric generators would fall a dangerous 13% below demand in the months immediately ahead. On the other hand, FEO analysts reckon, with effective conservation the gap between supply and demand for all petroleum...
...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...
...American motoring season-has come, and every bit as welcome as the return of greenery and birds is the return of gasoline. The Federal Energy Office made it official last week: stocks are high and the first postembargo shipments of Arab oil will arrive within the month. But the FEO also issued a warning. Because domestic refineries do not have enough capacity to fill an unrestricted demand for gasoline there will be continuing shortages-4% in this quarter and up to 5% for the rest of 1974-unless drivers continue to conserve fuel...