Word: petroleum
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...Ashland Oil Inc. ($100,000); Gulf Oil Corp ($100,000); Braniff Airways Inc. ($40,000); American Airlines ($55,000); Goodyear Tire & Rubber Co. ($40,000); 3M Co. ($30,000); Phillips Petroleum Co. ($100,000). Employees of an eighth, the American Ship Building Co., testified that they cooperated in donating $26,200 in corporate funds to Nixon's campaign, but the company itself has admitted no wrongdoing...
...Congress passed a new mandatory fuel-allocation bill that will require the Office of Petroleum Allocation to distribute fuel to areas and industries most in need, probably in the Northeast and on the West Coast. Existing legislation merely authorized the Administration to allocate fuel, but Nixon has used that power sparingly and reluctantly, and the program has faltered. The new legislation, which the President has said he will sign, includes gasoline and crude oil, both of which are now allocated on a loose voluntary basis...
...such doubts are evident among members of the National Petroleum Council, a group of 128 top oil executives who advise the Interior Department. At a meeting in Houston last week the council predicted that unless rationing is clamped on gasoline and heating oil "immediately," the economic consequences could be chilling: at the worst, a decline of $26 billion annually in output of goods and services in the first quarter of 1974, as well as an unemployment rate that would hit 7.5% or 8% next year...
...future rationing program. John Love, White House energy chief, is most concerned, at present, with supplying homes that use heating oil. Herbert Stern, chairman of the Council of Economic Advisers, contends that fuel cutbacks should be made in home heating, private-car trips and commercial use so that more petroleum products can be funneled into industry...
...because they are having trouble getting diesel fuel for their trucks and harvesting machines. Diesel-fuel scarcities are prodding the managers of North Carolina's big trucking industry to consider route reductions, which could slow deliveries of products as diverse as machine parts and oranges. As stocks of petroleum-based plastics get skimpier, dozens of small factories in the Midwest and New England are closing...