Business: The Guidelines Pass a Test

Settling for less than 7%

The Administration seemed to chalk up a qualified victory last week in the first major union settlement under President Carter's wage guidelines. After tense talks, the oilworkers finally wrapped up an agreement with Gulf Oil and Amoco. The deal more or less stays within the White House wage standard, which calls for a limit of 7% on pay and new benefit increases over the life of a contract.

The pact would give more than 60,000 of the members of the Oil, Chemical and Atomic Workers Union (OCAW) a 73¢-an-hour pay boost in the first year, which is an...

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