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IRS is checking allegations some oil co's have charged "new
oil' prices for crude oil from old wells, according to FEO.
ABC noted AAA reports both supplies and prices appear to
have stabilized w/ average for premium (58¢) and regular (54¢)
unchanged from last week. Reasoner said those stations w/ out
fuel holding at 2%
Gulf predicted supplies "will be a bit tight
in summer, 11 perhaps getting "very tight again in late summer, but
not as bad as last winter. 11
NBC w/ positive report on comeback of R-V industry now that
gas supplies are up. W/ fewer companies still in business profits
are way up as consumers want rec vehicles gas uncertainty notw/
standing. The question is whether industry can regain the tremendous
momentum of a year ago.
ABC noted that tho consumers are paying more electric utilities,
Con-Ed for 1st time since 1885 failed to pay a 2Q dividend, citing
a marked decline in sales and earnings and a severe cash shortage.
ECONOMY
Mondale said threat of runaway inflation is endangering foundations
of Western democracies. He said inflation was "overriding concern
of virtually everyone I saw [in Eur] not confined to bankers and
industrialists. 11 No one in West "really knows what to do about it.
Most worrisome fact is no concerted effort is being made to deal
w/ problem on [internat'1] scale that's required. 11
Chancellor noted Galbraith broke w/ libs to oppose tax cut, Brock
broke w/ WH to support 1 as needed to help people keep up w/ inflation.
Conable and Michel said tax cut would not stimulate economy but
add to inflation. They criticized EMK, Mondale et. al. and Conable
called on colleagues to "stop this crazy bandwagon before it gets
out of control. 11 Michel said current business slowdown had been
caused by shortage of energy, something tax cut could not help.
Sevareid noted Hill back, new Treasury Secy and RN's taking
personal charge of economic policy, and declared what they must
decide is whether gov't can bring inflation under control. If not,
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"ocrText": "8\nIRS is checking allegations some oil co's have charged \"new\noil' prices for crude oil from old wells, according to FEO.\nABC noted AAA reports both supplies and prices appear to\nhave stabilized w/ average for premium (58¢) and regular (54¢)\nunchanged from last week. Reasoner said those stations w/ out\nfuel holding at 2%\nGulf predicted supplies \"will be a bit tight\nin summer, 11 perhaps getting \"very tight again in late summer, but\nnot as bad as last winter. 11\nNBC w/ positive report on comeback of R-V industry now that\ngas supplies are up. W/ fewer companies still in business profits\nare way up as consumers want rec vehicles gas uncertainty notw/\nstanding. The question is whether industry can regain the tremendous\nmomentum of a year ago.\nABC noted that tho consumers are paying more electric utilities,\nCon-Ed for 1st time since 1885 failed to pay a 2Q dividend, citing\na marked decline in sales and earnings and a severe cash shortage.\nECONOMY\nMondale said threat of runaway inflation is endangering foundations\nof Western democracies. He said inflation was \"overriding concern\nof virtually everyone I saw [in Eur] not confined to bankers and\nindustrialists. 11 No one in West \"really knows what to do about it.\nMost worrisome fact is no concerted effort is being made to deal\nw/ problem on [internat'1] scale that's required. 11\nChancellor noted Galbraith broke w/ libs to oppose tax cut, Brock\nbroke w/ WH to support 1 as needed to help people keep up w/ inflation.\nConable and Michel said tax cut would not stimulate economy but\nadd to inflation. They criticized EMK, Mondale et. al. and Conable\ncalled on colleagues to \"stop this crazy bandwagon before it gets\nout of control. 11 Michel said current business slowdown had been\ncaused by shortage of energy, something tax cut could not help.\nSevareid noted Hill back, new Treasury Secy and RN's taking\npersonal charge of economic policy, and declared what they must\ndecide is whether gov't can bring inflation under control. If not,"
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