Last week Manhattan's huge Equitable Building at No. 120 Broadway announced that it would abandon its oil heating system, switch back to anthracite coal. Prime reason for the change was the fact that fuel oil stocks have been reduced 20% since September to a ten-year low, with a consequent rise in "Bunker C" prices from $1.05 to $1.80 per bbl. To the oil industry Equitable's decision meant not only the loss of 70,000 bbl. worth of business annually, but a dangerous precedent.
Talk of diminishing fuel oil stocks, however, did not prevent Oil Administrator...
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