Word: oilmen
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...lined up last week behind a long, bare table for a harsh interrogation. Seated across from them were their inquisitors: nine members of the Senate's Permanent Subcommittee on Investigations. From the moment Chair man Henry M. Jackson called the meeting to order, it was obvious that the oilmen were in for a rough time. They found themselves under fire for accomplishing what has long been considered the goal of the U.S. economic system: making a high profit...
...Shell and Standard Oil of California to ring up nine-month 1973 profits that averaged 46% above 1972's comparable period would have brought on considerable praise. But, at a time of oil shortages and sharply rising prices, the great increases fed suspicions on Capitol Hill that the oilmen were using the scarcity as an excuse for jacking up prices and making extortionate profits. Charged Connecticut Senator Abraham Ribicoff: "While the consumer is suffering, the industry seems to be receiving a bonanza...
...make the disclosures. The companies' figures generally show that stocks of crude and most petroleum products are about the same as or slightly higher than a year ago, when the population was lower and there were far fewer cars on the road. Heating-oil inventories are markedly higher; oilmen credit that to the relatively mild winter and voluntary conservation...
...hardest job certainly was not to convince people that there was a problem, but to bring order out of chaos in the Government's attempts to deal with it. Energy policy was being made by more than 60 frequently clashing federal departments, offices and agencies. Although oilmen and others had warned for several years of an impending energy shortage, bureaucrats had dithered away the summer before finally adopting an allocation program to parcel out fuel among competing users. Meanwhile, the Government had agonized endlessly and inconclusively about whether to prepare for gasoline rationing...
Until recently, oilmen complained that economic incentives for exploration were insufficient to encourage them to take the risk of looking for new sources...