Bowing to the long-standing demands of the powerful U.S. independent oil producers, President Eisenhower last week told big oil companies to slash crude-oil imports "voluntarily" to a level 10% below their average imports from 1954 to 1956. This would cut current U.S. imports of foreign oil by about 20%. If the companies do not go along with the request—and three other similar pleas since 1955 have only been moderately successful—the Administration threatens mandatory Government controls. Grudgingly, most of the oil importers promised to cut back rather than risk controls. But oilmen will probably suffer less than the U.S. consumer....
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