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...PRICES. The average price of crude oil produced in the U.S. will be rolled back from the current $8.75 per bbl. to $7.66 per bbl. in February (imported oil costs roughly $13 per bbl.). The cutback will amount to about 1? per gal. for gasoline and home-heating oil, but Federal Energy Administrator Frank Zarb doubts the savings will be passed on to consumers. Reason: all of the rollback will be absorbed by the rising costs of suppliers' operations. Increases in the price of domestic crude oil will be limited to 10% a year until May 31, 1979, when...

Author: /time Magazine | Title: ENERGY: Making Everybody Unhappy | 1/5/1976 | See Source »

ENERGY EFFICIENCY. Beginning in 1977, automobile manufacturers must meet progressively stricter gasoline-mileage standards; by 1985 the average car must get 27.5 miles per gal., an improvement of more than 50% over the current average. Most U.S. automakers complain that meeting the requirement will require an unforeseen technological breakthrough, a relaxation of exhaust-emission standards and a massive switch by consumers to automobiles about the size of General Motors' tiny Chevette, which seats four passengers and gets 32 miles per gal. The automakers would prefer using higher prices at the pump, penalties for gas-guzzling autos or refunds...

Author: /time Magazine | Title: ENERGY: Making Everybody Unhappy | 1/5/1976 | See Source »

...life imprisonment (though she becomes eligible for parole in 15 years). Fromme is the first person ever to be convicted under the law, enacted after the assassination of John Kennedy, providing for a prison sentence up to life for an attempted murder of a President. Recalled MacBride afterward: "That gal didn't bat an eye when I pronounced judgment." On her way out of the courtroom, however, Squeaky broke into screams that could be heard long after the doors had shut behind her. Because of the Manson family's bloody record, the judge was placed under protection...

Author: /time Magazine | Title: TRIALS: Double Indemnity | 12/29/1975 | See Source »

...Hill to work out a compromise that would roll back the price of domestic crude oil by about 12%, then gradually phase out controls during the ensuing 40 months. Zarb estimated that the bill could cut the price of gasoline and fuel oil by as much as 2.5? per gal., then let it rise gradually...

Author: /time Magazine | Title: THE WHITE HOUSE: Triple Trouble for a Beleaguered President | 12/22/1975 | See Source »

...committee approved-and the Ford Administration seemed about to accept-a comprehensive energy bill that would force an immediate 12% rollback in the price of U.S.-produced oil. That, committee members say, would be enough to bring down the retail price of gasoline, which currently averages about 60? per gal., by 3½?. Under the bill, price controls on oil would then be lifted gradually over a period of 40 months, allowing prices to rise once more. But not until late 1977, safely after next year's elections, would they get back to where they...

Author: /time Magazine | Title: OIL: Mixing Prices and Politics | 11/24/1975 | See Source »

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