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Newspaper
Lancaster Farming
Location
Lancaster, Pennsylvania, United States of America
Date
Aug 02, 1975
Page
10
Ed Eshelman discusses two congressional votes on oil policy. He opposed decontrolling oil prices and supported maintaining controls on costs. He argues economic regulation beats rationing but warns against removing government influence amid industry price moves. He also backs the president against rolling back prices, citing broad editorial support.
Assistant secretary of agriculture Richard E Bell was sworn in to head international affairs and commodity programs. He succeeds Clayton Yeutter, brings 16 years in the department, and will oversee FAS, Federal Crop Insurance Corporation, and the CCC while serving on the boards of the CCC and FCIC.
The Post calls the rollback plan a disastrously bad idea as it would halt new American oil production. A liberal study says $12.73 a barrel is needed to profitably produce new oil, while the rollback price would be $5 below that, forcing reliance on Arab supplies and higher world prices with limited control. The speaker pledges to push for oil production and energy independence.
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