After months of fierce bureaucratic infighting, the Nixon Administration finally put together a mandatory allocation program for home heating oil. Announced last week, it may well be too little and too late to ensure that all Americans will be warm this winter. One Administration official even concedes, "We are going to have industries closing down and homes going cold. The question is how many2% or 20%?"
The program has three main points:
1) After Nov. 1, refiners must supply wholesalers with the same quantity of fuel they received last year; in any supply cuts, each allotment will be reduced by the...
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