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...This crisis hits me over the head every time I go to the gas pump," says Grant, "but the implications of this story go far beyond immediate personal considerations." Grant's experience abroad has helped him put into perspective both the economic and diplomatic aspects of this week's story, which was reported by TIME correspondents in more than ten countries. In Saudi Arabia, Beirut Bureau Chief Karsten Prager spoke with Oil Minister Yamani and other high government officials, and observed the Saudi Arabian land and lifestyle. "From 30,000 feet above," Prager says, "it seems somehow...
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...
...agreed to cooperate in pushing emergency fuel legislation through Congress. Jackson has introduced a bill that would authorize the President to declare a national fuel emergency if U.S. demand exceeds supply by 5% or more. The bill calls for many feasible conservation measures. Domestic wells would be required to pump oil faster than their "maximum efficient rates," a move that would risk damaging the oilfields by reducing the underground pressure. Electric utilities that could do so would have to convert from burning oil to coal-at the cost of more pollution. Highway speed limits would be lowered to 50 m.p.h...
...gripe about. Motorists continue to encounter spotty shortages of gasoline, aggravated by continuing protest shutdowns by gas-station owners. The dealers, who are being charged more for wholesale gasoline by major oil companies, demand that the Cost of Living Council permit them to post bigger increases at the pump than the 1?-to 2.5?-per-gal. boosts they have been allowed...
...enough gas to go round; the independents are certain that they do. They say the big companies are sitting on supplies in hopes of driving out the competition and pushing up the cost of their cheaper brands. Station operators also complain that while prices were held down at the pump, the COLC has permitted producers and wholesalers to raise the prices they charge the stations for wholesale gas. Those rises reflect increased costs of importing high-priced foreign...