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Newspaper
Independent
Location
Long Beach, California, United States of America
Date
Mar 21, 1975
Page
10
Former energy chief John Sawhill dismisses reports of $1 billion to $3 billion in fraud overcharges during the Arab oil embargo as absolute hogwash. He says government investigators will likely find at least $1 billion, but offered no total estimate.
The Federal Energy Administration will issue its first order next week to repay Georgia Power Co. 710000 dollars for fuel oil overcharges in a three month period. More refunds for other periods may follow. This marks a major step in a nationwide probe into oil supplier price gouging related to the Arab oil embargo. The supplier’s name was not disclosed.
Federal Energy Administrator Frank Zarb and President Ford urged quicker gasoline price increases to curb consumption as part of a new national energy program. Zarb said the House tax hike would not be enough, while Interior Assistant Secretary Jack Carlson argued tariffs on foreign oil could be more effective. Ford said agencies cut energy use 23 percent in late 1974 and called for voluntary conservation.
At a two day meeting of the International Energy Agency 18 nations approved a minimum safe guarded price concept for imported oil and plan to set the actual level by July 1. Prices quoted range widely and could stay well above 2 to 3 dollars in earlier decades but below current 11 dollar levels. The move drew criticism that it could hurt U S industry incentives and raise consumer costs. Senator Garn and Representative Scheuer urged preserving the depletion allowance with renewables financing. Atlantic Richfield President Bradshaw argued reform could raise prices unless funds are reinvested in exploration.
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