OIL: Not so Villainous

As the U.S. Senate stepped up its oil hearings last week, almost everyone had the industry pegged as the villain in the case. Oilmen had not only hiked prices as much as 12%; they had also, said the reports, failed to supply enough oil to ease Europe's Suez shortage. But the hearings were hardly under way before the character of the villain underwent an amazing transformation: he began to look almost like a hero. Wyoming's Democratic Joe O'Mahoney. Senate subcommittee chairman, concluded that the price boost was justified for small independents, because...

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