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Newspaper
Press Telegram
Location
Long Beach, California, United States of America
Date
Jun 26, 1973
Page
16
Pipelines have long been recognized as a major trouble spot in oil industry competition. Fraser said fuel shortages are being used to force higher prices, asserting that concentration in pipeline ownership hurts consumers and stifles competition.
Washington reports a bill to prevent major oil companies from owning new pipelines. Rep. Donald Fraser says the measure aims to loosen industry control over production, distribution and pricing to boost competition, noting the sector uniquely operates its own transport system for bulk commodities.
The Common Market said it would not negotiate on the principles and mechanisms of its farm policy aimed at limiting imports of food from the United States and other countries, as Luxembourg commented on the dispute.
On a day of mixed news the Dow Jones average rose 1.34 to 7944. Declines edged advancers on the NYSE 24 to 621 at 2 pm as traders eyed May trade data and gold gained while the dollar weakened in Europe. Analysts cited bargain hunting and fading uncertainty from Dean's testimony, noting patterns of prior weeks and hope that Soviet US accords signal a thaw in the Cold War.
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