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This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. I am
making such material available in my efforts to advance understanding of environmental, political, human rights, economic,
democracy, scientific, and social justice issues, etc. I believe this constitutes a 'fair use' of any such copyrighted material as provided
for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed
without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.
If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission
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Campaign for Justice
Rhode Island Senator Reed Misdirects Rhode Islanders
(Washington, DC) -- Rhode Island Senator Jack Reed are calling on oil companies to help
low-income families affected by the rising price of fuel. They have written to the American Petroleum
Institute to persuade it to create a LIHEAP [[LYE-HEAP]] type program that would provide voluntary
heating assistance. In Rhode Island, the average cost of home heating oil per gallon went up
56-percent this winter. Reed made a similar request to the API in 2005 when oil prices were just over
59-dollars a barrel. Currently, oil prices are at 108-dollars a barrel.
His requests are obviously pointless since the price of oil keeps going up. Reed refuses to submit
legislation to re institute federal rate control on the price of gasoline or oil. Rate control reduced the
cost of gas and oil for almost 10 years before it was repealed.
Description:
The principle aims of the Emergency Petroleum Allocation Act (EPAA) were to ensure equitable distribution of
available products, to establish equitable prices, and to preserve the independent segments of the oil industry.
EPAA established a two-tiered pricing system for domestic crude oil. "Old" oil, designated as crude oil from
properties producing at or below their 1972 production levels, was subject to a price ceiling while "new" oil,
stripper oil, and "released oil" (added as an incentive for increased production from old fields) was allowed to
be sold at market prices. The price of imported oil remained unregulated.
The increase in the world price of crude oil resulting from the Arab oil embargo created a significant disparity
between the costs of old and new oil. Before long, major problems with the two-tiered system developed, and
additional regulatory programs were instituted. These included the Supplier-Purchaser Rule, the Buy-Sell
Program, and the Entitlements Program.
producers, refiners, resellers, and retailers. Its purpose was to stop refiners from engaging in transactions to
gain access to additional quantities of price-controlled "old" oil.
The principle aims of the Emergency Petroleum Allocation Act (EPAA) were to ensure equitable distribution of
available products, to establish equitable prices, and to preserve the independent segments of the oil industry.
EPAA established a two-tiered pricing system for domestic crude oil. "Old" oil, designated as crude oil from
properties producing at or below their 1972 production levels, was subject to a price ceiling while "new" oil,
stripper oil, and "released oil" (added as an incentive for increased production from old fields) was allowed to
be sold at market prices. The price of imported oil remained unregulated.
The increase in the world price of crude oil resulting from the Arab oil embargo created a significant disparity
between the costs of old and new oil. Before long, major problems with the two-tiered system developed, and
additional regulatory programs were instituted. These included the Supplier-Purchaser Rule, the Buy-Sell
Program, and the Entitlements Program.
producers, refiners, resellers, and retailers. Its purpose was to stop refiners from engaging in transactions to
gain access to additional quantities of price-controlled "old" oil.
| Emergency Petroleum Allocation Act of 1973 |
| Christopher Young (Democrat) |