Word: rollback
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...rollback was one of two pieces of good news for Ford Administration inflation fighters last week. They also were able to report that wholesale prices, after three months of small rises, declined in July by .1%, due mainly to a drop in farm prices. White House officials attributed the steel price cancellation to market forces and insisted that no pressure from Washington was exerted on the steelmakers...
...came up with a lot of dirt that the company hides behind the spotless view presented to the public--such as the $200,000 contribution to the 1972 Nixon campaign that left Ray Kroc's ketchup stained hands just a few weeks before the Price Commission cancelled its price rollback on the Quarter Pounder. The author's style is marred only by a few racially offensive comments, apparently made for sensational effect, such as the suggestion that the black ghetto population if denied local ownership, is "a breeding ground for revolutionary turmoil...
...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 price controls will end unless extended by Congress. Producers maintain that lower prices will discourage them from pumping more domestic oil. But Zarb predicts that eliminating...
...severe decision ever against a single company. The target: United Brands, the big (1975 sales: about $2 billion) food multinational. The Competition Department of the European Economic Community fined the company $1.2 million for "an abuse of dominant position" in the banana market* and ordered an immediate 15% price rollback in five of the nine EEC countries. Key findings: United Brands priced unfairly by charging twice as much for Chiquita bananas in rich markets such as West Germany as in less prosperous ones, notably Ireland. Penalty for-noncompliance with the order: an additional fine...
...upshot is that the nation seems likely to wind up with an oil-price policy that has some potentially beneficial provisions and some serious flaws. Gradual decontrol is certainly preferable to abrupt decontrol. But the price rollback, while giving some temporary relief to inflation-pressed consumers, probably would boost oil consumption and depress production. And the bill contains no special tax incentives for pumping out hard-to-get oil. In short, Congress has only postponed the tough steps that must eventually be taken to free the nation from its growing dependence on foreign...