Petroleum Administrator Harold L. Ickes, who mortally fears a U.S. oil shortage, wanted a boost in crude oil prices in order to spur production. Economic Stabilizer Fred M. Vinson, fearful that this might squeeze about $500,000,000 more from the U.S. consumer, flatly refused. Still Mr. Vinson agreed that the price of oil in many a U.S. field is too low. Last week, OPA came up with its routine solution: a subsidy for the oil industry. Estimated cost per year: $40,000,000 to $60,000,000.
Little of the subsidy cash would go to the big integrated companies. (They and the Oil Congressmen prefer Mr....
To continue reading:
or
Log-In
