President's decontrol proposals. Hearings before the Subcommittee on Energy and Power of the Committee on Interstate and Foreign Commerce, House of Representatives, Ninety-Fourth Congress, First Session

Book · Wed Jan 01 04:00:00 EST 1975

OSTI ID:7367087

Testimony in five days of hearings was recorded on extension of controls on the price of ''old oil,'' two gradual decontrol plans presented by the President, the potential for an override of a possible veto of legislation to extend controls, and economic and conservation aspects of decontrol. The testimony seemed to reflect the tug-of-war situation between the President and Congress on the decontrol issue. Witnesses representing independent oil companies, airlines, electric utilities, labor unions, and a farmers' union along with Ralph Nader and economists testified that decontrol of ''old oil'' prices would result in more inflation, more unemployment, and more recession. A figure of $900/year for a family of four is proposed as the individual cost of such decontrol. Both the President's 30-month and 39-month decontrol plans are defended by members of the Federal Energy Administration and the President's Council of Economic Advisers. Representatives of some independent oil companies and service station organizations proposed a temporary extension of controls followed by a gradual decontrol as a compromise plan. (BLM)

• Research Organization: U.S. House of Representatives, Committee on Interstate and Foreign Commerce, Subcommittee on Energy and Power, Washington, DC
• OSTI ID: 7367087
• Country of Publication: United States
• Language: English

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