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...Simon's predecessors took far too long even to start looking for ships that could carry oil to New England, the most threatened region. Last month Simon's office informed New England utility executives that it had located tankers capable of hauling in up to 4.5 million bbl. any time it was needed...
Moving fast to compile this record, Simon has stumbled once or twice. Last month his office announced that 1.5 million bbl. of jet fuel would be taken away from the Pentagon and reallocated to civilian jetliners. Nobody seems to have consulted Secretary of Defense James Schlesinger, who protested angrily. The result was a "compromise," under which the Pentagon will keep 600,000 bbl. of its fuel at least for a while. Also, the FEO prompted scare headlines by announcing, in one set of hastily prepared allocation regulations, that gasoline production would be cut 25% below 1972 output, and took...
...which some what ironically has long been an ear nest champion of the Arabs' political cause. India's newest five-year plan, which calls for government and pri vate investment of $71 billion in industrialization, assumes that the price of oil will rise only to $4.75 per bbl. by 1979, the last year of the plan. In fact, the price already has shot up to $9 per bbl. Oil imports had been taking 10% to 11% of the foreign currency that India earns from exports; now the bill is likely to leap to a disastrous 80% of foreign...
...there is general agreement that the economy eventually will adjust and continue to grow, despite its reduced energy diet, largely because businessmen and consumers will be forced to change their wasteful ways. Moreover, it now seems that the petroleum shortfall will be less than the thoroughly disruptive 3.4 million bbl. per day originally anticipated. Still, the jittery psychological climate created by the threat has enabled oil-exporting countries to raise their prices to towering new levels, and that will further fuel raging inflation in all industrialized nations. Says Walter Heller, a member of TIME'S Board of Economists...
Pressure on Simon and his new Federal Energy Office has moderated slightly in recent weeks. Because of fuel savings from voluntary conservation programs and recently discovered leaks in the Arab oil embargo, Government estimates of the shortfall have been reduced to 2.7 million bbl. per day. Even so, such businesses as motels, recreational vehicles and tourism are going to be hurt. Though the energy crisis is boosting sales of small cars, it is crippling sales of big ones (TIME cover, Dec. 31), and last week U.S. automakers announced a 27% cut in production for January. General Motors last week laid...