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...last week, John Doe, American, swung his car onto the freeway?only to discover that the posted speed limit had been reduced from 60 m.p.h. to 50 m.p.h. When he stopped at a gas station for a refill, he learned that overnight the price had gone up 2¢ per gal. At his office he felt unusually cool because the thermostats had been pushed down a couple of degrees, to a brisk 68º. Later, when he finished work and was driving home, he noticed that the lights on outdoor advertising signs had been doused. In his living room he was greeted...

Author: /time Magazine | Title: ENERGY: The Arabs' New Oil Squeeze: Dimouts, Slowdowns, Chills | 11/19/1973 | See Source »

...Siege. In the past year, the Labor Department's index of wholesale prices of gasoline, heating oil and other refined petroleum products has risen a walloping 40.4%. According to some estimates, within the next few months regular gasoline will probably climb an average of 9¢, to 50¢ per gal. Home heating fuel is expected to almost double in price, to 40¢ or more. Kerosene, diesel oil and jet fuel will all climb proportionately. Rising fuel costs will increase the price of electric power. Altogether, soaring fuel prices will pump $8 billion to $10 billion of pure inflation into the economy...

Author: /time Magazine | Title: ENERGY: The Arabs' New Oil Squeeze: Dimouts, Slowdowns, Chills | 11/19/1973 | See Source »

...Arab oil cutbacks have hurt almost all countries. Gasoline prices soared from $1.01 to $1.49 per gal. in India, and to dramatize the seriousness of the shortages, Prime Minister Indira Gandhi took to riding in a two-wheeled horse-drawn gig. In The Netherlands, Prime Minister Joop den Uyl pedaled to work on a bike, and a strict ban was imposed on Sunday driving...

Author: /time Magazine | Title: ENERGY: The Arabs' New Oil Squeeze: Dimouts, Slowdowns, Chills | 11/19/1973 | See Source »

Frustrated by his life as a struggling dairyman in Scotland, Dougal Robertson did what many men only dream of. Trading his farm for Lucette, a 43-ft. wooden schooner, he set off on a round-the-world cruise. Eighteen months later and 200 miles west of the Galápagos Islands, his yacht was hit by killer whales and sank in one minute. Robertson, his wife Lyn, their three sons, Douglas, 18, and the twins Neil and Sandy, 12, and a Welsh student guest, Robin Williams, 22, were adrift on the Pacific...

Author: /time Magazine | Title: Books: Variously Notable | 11/19/1973 | See Source »

First Hop. American motorists felt the first pinch at the pump last week when gasoline prices rose between 1? and 4? per gal. By winter's end the price is expected to bound up to 50? per gal. v. about 40? now. Home heating fuel could climb as high as 40? per gal., almost double its current level, and jet fuel, kerosene, propane and other petroleum products will rise proportionately. Officials of the Cost of Living Council estimate that increases in the price of oil imports alone will inject about $5 billion of pure inflation into the economy, substantially...

Author: /time Magazine | Title: OIL: The Pinch at the Pump Begins | 11/12/1973 | See Source »

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