This Day In 1970's History: Monday December 10, 1973
- The Cost of Living Council today lifted all wage and price controls from the automotive industry; three of the Big Four manufacturers pledged to limit their price increases. Ford, General Motors and American Motors agreed to the council's conditions for removing price controls, but Chrysler made no commitment. Cost of Living Council director John Dunlop admitted that the energy crisis was taken into account when making this decision. [CBS]
- Filling stations have requested price increases also. A spokesman for the Gasoline Retailers Association urged that price controls be lifted to allow a 1 to 3 cents per gallon increase, as the industry fights for survival. Figures revealed that twice as many stations are closed this year as compared to the same period last year.
Neighborhood dealers are being forced out of business, either from lack of supplies or lack of profitability. Hempstead, Long Island, gas station operator Joe Zimatoure stated that the major oil company he deals with is forcing him to shut down by next May after 40 years of service to the company. Hempstead town supervisor Al D'Amato said that abandoned gas stations will become a blight on the community. Oil companies allegedly plan to create self-service stations to replace neighborhood gas stations. [CBS]
- Truck drivers are protesting diesel fuel price gouging along the nations' highways. The IRS has found that more than 25% of truck stops violate the government's price ceiling on diesel fuel. [CBS]
- California experienced its first truck blockade today, involving three trucks. The small blockade cut off 400 vehicles near San Francisco. [CBS]
- A private nonprofit organization studying the economics of petroleum reported that the Nixon administration has overestimated the country's immediate fuel shortage. Former White House energy director John Love believes that the administration actually underestimated the fuel shortage.
Love believes that gasoline rationing is the only fair answer to the energy crisis, but he claimed that explaining the energy crisis to the President was almost impossible. Love stated that Americans must be given the truth about the energy crisis in order to cope with shortages. [CBS]
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