OIL: Stepping on the Gas to Meet a Threat

An air of crisis is spreading across the U.S. as the deepening energy emergency, triggered by the Arab oil embargo, has begun to pinch in small but ominous ways. Leisure activities, from boating trips to night football games, are being canceled; gasoline-short service stations are temporarily shutting down; and commuter-and school-bus schedules are being pared for lack of fuel. For the first time since World War II, there is serious talk of rationing gasoline and home-heating oil. Meanwhile, from Capitol Hill to the tiniest town hall, in board rooms and living rooms,...

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