Oil firms and industry split over oil price controls
Mobil calls for gradual decontrol drawing sharp Ipaa rebuke and protests from industry leaders. Major oil firms urge immediate total decontrol, warning continued controls hurt domestic production and raise dependence on imports as Ford seeks to veto an extension. Meanwhile Moscow plans seatbelt mandates for drivers starting next year after a belt shortage curbed earlier enforcement.
MENTIONED IN THIS ARTICLE
Texaco
Texaco, Inc
Exxon Corp
Mabil
Exxon
Gulf Oil Corp
U.S
Jackson predicts override if Ford vetoes oil controls
Associated Press reports Senator Henry M. Jackson predicts Congress will override President Ford’s veto of oil price control legislation amid public anger over high food and oil prices. Speaking in Los Angeles at a Standard Oil of California well, Jackson argues price controls must stay to prevent economic harm and notes oil company profits could rise if decontrol occurs. He cites CPI trends, grain sales to the Soviet Union, and Mobil Oil’s opposition as influential factors in the debate.
MENTIONED IN THIS ARTICLE
New York
Mobil Oi Corp
C. John Miller
Independent Petroleum Association of America
Mobil
Rawleigh Warner Jr
Miller
Ford
Warner
Congress
America
Washington
House
Senate
Mike Mansfield
Montana
Associated Presa
Henry M. Jackson
Jackson
Standard Oil of
California
Los Angeles
Soviet Union
Mobil Oil Corp
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Rap Mobil
Seatbelta
Moscow
Evening Moscow
Harry Bridges
Shell Oi Co
Henry Jackson
Wireanete
Heath
Jay
GEMCO
Ruggad Western