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Newspaper
Independent
Location
Long Beach, California, United States of America
Date
Dec 06, 1973
Page
2
Federal Reserve Chairman Arthur F. Burns said likely energy related dislocations could occur next year due to the Arab oil cutoff but he refused to sound an alarm. He did not join economists predicting a near doubling of inflation or unemployment.
Senate Democrat Mike Mansfield urged access to oil companies’ financial records, arguing the public has a right to secret documents to gauge profits and long-term energy prospects. Rep. Dellums accused Nixon officials of favoring U.S. oil firms while environmental gains risk erosion amid policy. A separate North Sea find by Conoco, Gulf Oil, and Shell may meet up to half Britain’s future needs if drilling continues. Burns forecast manageable economic strain from embargo with a continued U.S. trade surplus despite dislocations.
UPI reported Sen George Moscone a Democrat candidate for governor condemned proposed layoffs of up to 2000 California state transportation workers. The cutbacks stem from a decline in federal highway funding and are planned for next year under Reagan administration plans.
A supply of 47,00 gallons arrived later after tanks ran dry and stalled the trucks in the background.
Economist Arthur Okun, former Johnson adviser, warned Wednesday that gasoline station riots could erupt if Congress and the Nixon administration fail to act quickly on rationing or a federal gas tax. He proposed a 50 cent per gallon tax or coupon-based rationing, with tax revenues returned via tax cuts or Social Security boosts, and noted the economy may dip in early 1970s amid the Arab oil embargo.
Two groups warn that banning disposable bottles and cans would save energy equivalent to 131,000 barrels of oil daily. They say returnable bottles require less energy, while recycling is not a viable alternative due to fuel waste from transporting recyclables. The study was issued by Crusade for a Cleaner Environment and SCAT in the Washington area.
California gasoline retailers form statewide committee to back legislation placing oil companies under PUC regulation. Ray Ashwill, executive director, says group has support from Sen. Mervyn Dynalyn, contact with Assembly Speaker Moretti, and plans to push or place on ballot in November if needed. They claim PUC control would curb monopolistic profits harming service stations and raising prices. The group represents about 65 percent of California service station owners. Street crime, fraud hike seen in crisis. The national outlook cautions possible rise in street crime and consumer fraud due to energy crisis per LAW ENFORCEMENT ASSISTANCE ADMINISTRATION.
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