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Congress told why oil costs jumped 53 percent
Washington reports seven oil companies will testify before Senate and Commerce subcommittees on why gasoline prices rose 53 percent in two years amid claims of manufactured shortages. Federal Energy Administrator Frank G. Zarb cited low inventories and potential two to five cent hikes through Labor Day, with forecasts of a new price record. The Senate also moved energy legislation and offshore development funding while Park Ohio Industries plans up to 100 natural gas wells to safeguard Park Drop Forge jobs.
MENTIONED IN THIS ARTICLE
Washington
Federal Energy
Frank G. Zarb
Zarb
Congress
Ford
Charles H. Percy
Blll
Federal Energy Administration
Cleveland
UPI
Park Ohio Industries, Inc
Ohio
Park Drop Forge