OIL: Out of Gas?

Said Ralph Kenneth Davies, former Deputy Petroleum Administrator, to a Senate committee: "We do not face an oil shortage, we are in the midst of one—now."

There was evidence last week that Davies was right. The Federal Government, which recently invited bids for 224 million barrels of fuel oil to heat Government buildings and hospitals, got offers of only 19 million barrels. The Army and Navy were just as short. Part of the trouble was that the big oil companies were in a furious "brand" race to capture larger portions of the civilian...

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