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Newspaper
Independent
Location
Long Beach, California, United States of America
Date
Sep 27, 1975
Page
7
The readable OCR fragment hints at a courtroom or jury context but lacks complete names dates or actions. It shows garbled text with phrases like and and if was one any psy rclo the and keys, making it impossible to extract a concrete event, person, or place.
Three gasoline retailers told a Senate panel that big oil firms control the market. R J Peterson of Independent Terminal Operators Association says his once thriving 80 million gallon yearly business is down to 7.4 million. Lewis Haskell of the National Congress of Petroleum Retailers cites rising lease cancellations by majors. T J Oden of the Independent Gasoline Marketers Council argues that free enterprise has faded and calls for divestiture proposals in Congress. Ikard of the American Petroleum Institute defends industry as competitive, but Bayh Albouzek Hart and Nelson push for phased divestiture and broader reform. Peterson recalls a Senate study showing 20 oil companies control most reserves, refining, and marketing.
The Interior Department will bar major oil and gas producers with a daily world output over 1.6 million barrels from submitting joint bids for Federal offshore leases. Smaller firms may still bid jointly. The policy aims to restore competition after multimillion dollar joint bids became common since 1973.
In Vienna 13 nation oil cartel debates whether to raise prices by 10 percent in two stages or 15 percent at once with no clear progress. Saudi Arabia seeks a 10 percent rise Oct 1 and a further 5 percent later, while Iran favors a one-time 15 percent hike starting Oct 1.
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