GOVERNMENT: Suez Aftermath

The U.S. oil industry, which is having its full share of recession troubles, last week added still another, left over from a time of shortage. In Alexandria, Va., a federal grand jury indicted 29 of the industry's companies—among them: Standard Oil (N.J.), Socony-Mobil, Shell Oil, Gulf, Tidewater, Phillips Petroleum—for allegedly using the Suez crisis 19 months ago to fix prices of crude oil and gasoline, accused them of violating Section 1 of the Sherman Antitrust Act by conspiring to restrain trade. It was the first large-scale criminal price-fixing case against the industry in more than 20 years, and one...

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