The oil industry last week gave the Administration its plan to ease the oil shortage. As the pinch is tightened in fuel oil, the industry proposed to 1) cut back gasoline production for 60 days in oil-short areas and turn out more fuel oil, and 2) pool scarce supplies so they can be distributed evenly.
The industry knew that the plan, if approved by the Department of Justice (which must waive prosecution under the Sherman Antitrust Act on such an industry agreement), would be only a stopgap. The shortage will soon get worse. The enormous demand for...
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