Word: oils
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Dates: during 1970-1979
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...stocks, and now they have stored 217 million bbl., vs. 207 million bbl. at this time last year. As a result, Energy Secretary Charles Duncan last week said that the Government will stop its three-month-old program of paying $5-per-bbl. subsidies for imports of foreign heating oil refined in the Caribbean. This was an ill-conceived scheme that enraged Europeans, who charged that Washington was forcing up the price of heating fuel worldwide...
...fear now is that bureaucratic meddling may create distribution bottlenecks and local shortages later in the winter. New York state officials, for example, are concerned that in order to maintain their inventories at levels mandated by the Energy Department, oil companies are holding back shipments to jobbers, distributors and other middlemen, something the oil firms deny...
...gasoline squeeze, angry consumers are putting most of then- heat on the retailers, in this case the heating-oil sales and delivery companies. With prices and interest rates climbing, refiners are tightening up on credit terms, forcing the retailers to demand quicker payment from homeowners. But many of their customers are starting the new heating season with unpaid charges from last year...
With resentments rising, the Department of Energy last week opened hearings into the familiar but unsubstantiated charges of heating-oil profiteering by refiners, even as a group of 15 Senators, led by New York Republican Jacob Javits and New Jersey Democrat Harrison Williams, was urging Duncan to reinstate heating-oil price controls. The restrictions were lifted in 1976, but can be reimposed by Executive order at any time; the Administration's resistance to such controls could weaken as the 1980 election campaign heats...
That becomes more urgent with every boost in OPEC prices, and the increases now occur with taunting frequency. Since last December the cartel has increased prices by 61%. Now Nigeria, Algeria and Libya appear to be preparing to raise their price of oil by as much as $5 per bbl. If they do, the $23.50 "ceiling" that OPEC set only last June will be shattered, and the cost of all petroleum products, including heating oil, will move up yet another notch...