Word: petroleum
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...Daylight Saving Time year round, override temporarily federal, state and local clean-air acts in order to permit more burning of high-polluting coal, and restrict business hours in shopping centers and other enterprises. In addition, the President asked for authority to open up for commercial drilling the naval petroleum reserves at Elk Hills, Calif. All these powers would be given to the President under a bill sponsored by Washington Democratic Senator Henry Jackson. The Jackson bill is likely to pass before Congress adjourns in mid-December...
...nation's economy faces a tough test. Unless the boycott ends soon, some factories will have to close, either for lack of heat, a paucity of fuel to run machines or shortages of petroleum-based raw materials as disparate as chemicals, plastics and textiles. Says Associate U.S. Budget Director John Sawhill: "Sure, the Government can ration oil, but we could wind up rationing steel, aluminum and other things as well." Evaporating gasoline supplies could put a further painful dent in auto sales; car sales in October fell 11.4%. Less travel, the result of diminished auto traffic and cuts in airline...
...Southwest and West could fuel booms in those regions. But the East Coast stands to suffer. More dependent on Arab oil than the rest of the country, the highly industrialized region from Boston to Washington might have to chug along on only about 75% of its usual petroleum supply. The full impact of the shutoff is expected in about three weeks, when the last of the shipments from the Persian Gulf are unloaded at American ports. To stretch available oil stocks through the winter, U.S. refineries are already scaling down output, and suppliers are starting to ration petroleum products...
...worldwide oil supplies is also kicking up the cost. Since January Venezuela has doubled its price, to $7.20 per bbl. In the past three weeks, Nigeria's has almost doubled, to $8.40 per bbl., and Indonesia's has increased 20%, to $6 per bbl. Price controls on U.S.-produced petroleum will be slowly loosened in the near future in order to tempt oilmen to expand exploration and boost supplies. Rising oil prices will lift the cost of such other fuels as propane, natural gas and even coal...
...Siege. In the past year, the Labor Department's index of wholesale prices of gasoline, heating oil and other refined petroleum products has risen a walloping 40.4%. According to some estimates, within the next few months regular gasoline will probably climb an average of 9¢, to 50¢ per gal. Home heating fuel is expected to almost double in price, to 40¢ or more. Kerosene, diesel oil and jet fuel will all climb proportionately. Rising fuel costs will increase the price of electric power. Altogether, soaring fuel prices will pump $8 billion to $10 billion of pure inflation into the economy...