Home heating oil prices and supplies. Hearing before the Subcommittee on Energy and Power of the Committee on Interstate and Foreign Commerce, House of Representatives, Ninety-Fifth Congress

Book · Sun Jan 01 04:00:00 EST 1978

OSTI ID:5748898

The Subcommittee on Energy and Power met on December 20, 1978 to discuss the issue of home heating oil and the rapidly increasing prices that consumers of that fuel are facing. The home heating oil prices have continued to be the subject of special concern by the Congress, because of their impact upon consumers, and because this impact is particularly harsh in certain areas of the country which are heavily dependent on heating oil. When the FEA decontrolled heating oil prices in 1976, the Congress was promised that heating oil prices would be closely monitored and actions would be taken if prices rose more rapidly than justified. The DOE embarked on an effort to look at the effect of heating oil price increases and completed a full evidentiary hearing into the home heating oil market. The report found that refiners' revenues increased at a rate far in excess of increased costs; additional profits were estimated to total about $331 million by April 1979. The report also concluded that there are significant doubts...that workable competition exists in the refining sector of the industry. The report recommended improved price and profit monitoring by DOE, as well as the initiation of a rulemaking proceeding to determine whether controls should be reimposed. Statements are reprinted here as given by state officials, American Petroleum Institute, Arco, Consumer Energy Council of America, DOE, Independent Heating Oil Dealers of Rochester, National Oil Jobbers Council, and New England Fuel Institute; included also is considerable additional material submitted for the record. (MCW)

• OSTI ID: 5748898
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020500 -- Petroleum-- Products & By-Products
29 ENERGY PLANNING, POLICY, AND ECONOMY
290200 -- Energy Planning & Policy-- Economics & Sociology
294002 -- Energy Planning & Policy-- Petroleum
32 ENERGY CONSERVATION, CONSUMPTION, AND UTILIZATION
320101* -- Energy Conservation
Consumption
& Utilization-- Residential Buildings-- (-1987)
BUILDINGS
CARTELS
ECONOMIC IMPACT
ENERGY SUPPLIES
FUEL OILS
FUELS
HEARINGS
HEATING OILS
INFLATION
INTERNATIONAL ORGANIZATIONS
OIL-EXPORTING COUNTRIES
OILS
OPEC
ORGANIC COMPOUNDS
OTHER ORGANIC COMPOUNDS
PETROLEUM PRODUCTS
PRICES
PROFITS
RESIDENTIAL BUILDINGS