Word: rollback
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...past two years, the prices of gasoline, heating oil and other petroleum products appear likely to drop, substantially though temporarily, by federal order. Last week a House-Senate conference committee approved-and the Ford Administration seemed about to accept-a comprehensive energy bill that would force an immediate 12% rollback in the price of U.S.-produced oil. That, committee members say, would be enough to bring down the retail price of gasoline, which currently averages about 60? per gal., by 3½?. Under the bill, price controls on oil would then be lifted gradually over a period of 40 months...
...Rollback Bill. Ford's signature would end a ten-month White House-Congress deadlock over oil policy that has repeatedly turned into a cliffhanger. The conference-committee agreement came only days before controls were scheduled to expire, leaving prices free to start jumping sharply. To give itself time to pass the rollback bill, Congress last week rushed through a 30-day extension of controls. If the rollback bill then becomes law, it will represent a compromise-but one in which Ford yielded far more than his Democratic opponents in Congress...
...year ran, on an average, 31% below last year's spectacular highs. In the quarter ended Sept. 30, Exxon's profits were down 31.2% from a year earlier, Gulfs 36%, Texaco's 38% and Mobil's 17%. The slide in earnings, plus the new price rollback, is certain to dampen oilmen's enthusiasm for much needed exploration. U.S. production of crude is in its fifth consecutive year of decline. And though oil companies completed drilling a record 25,729 domestic wells in the first nine months of this year, they have not found enough...
...seven months, the White House and leading congressional Democrats have fought a bitter and seemingly endless battle over the future of energy policy in the U.S. Spurred on by Senator Henry M. Jackson and other presidential hopefuls, the Democrats sought to lower oil and gas costs by legislating a rollback of prices to levels far below those set by the Organization of Petroleum Exporting Countries. For his part, President Ford believed that only an eventual decontrol of prices-which would mean higher consumer costs-would encourage energy conservation, provide an adequate incentive for increased domestic oil production and ultimately render...
...discovery rate and keep looking hard for crude: all oil from new wells is exempt from federal price controls and sells currently for about $12.50 per bbl.-versus an average price for domestic crude of $5.62 in October 1973-and President Ford has vetoed congressional attempts to force a rollback. So the price should be more than enough to make a new well lucrative-provided it is the one in seven that actually hits...