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Monday January 14, 1974
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This Day In 1970's History: Monday January 14, 1974
  • Senator William Proxmire's joint committee of Congress investigating the energy crisis heard from administration energy czar William Simon, who assured the committee that the energy crisis is real. Simon conceded that mandatory reporting systems are needed for oil companies to verify their profit and supply data. Simon stated that 55% of domestic oil consumption is not controlled by government prices, and added that he doesn't think the price of gasoline will jump to 70 cents per gallon. Consumer advocate Ralph Nader claims that no fuel shortage actually exists, but an energy crisis for consumers exists because oil companies are in collusion with the government to make quick profits. President Nixon will meet with Simon to review the energy situation. [CBS]
  • Some areas are low on fuel supplies. The Consolidated Edison Power Company, which serves the New York City metropolitan area, is down to a 10-day supply of fuel. A 5% voltage reduction has been ordered. [CBS]
  • Oregon's plan for regulating gasoline sales began today. Motorists will be permitted to purchase gasoline only on certain days, according to their license plate number. [CBS]
  • States which count on gasoline taxes for revenue are feeling the effects of the fuel situation. Rhode Island's revenue is 20% below expectations. [CBS]
  • The National Highway Traffic Safety Administration reported that the death toll dropped 15% in states with lower speed limits in December. When all states lower their speed limits uniformly, the death toll will drop considerably. [CBS]
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