WASHINGTON--Two major oil companies told Congress yesterday they cannot endorse President Carter's request for a freeze on heating oil prices.
Both Gulf Oil Co. and Sun Oil Co. told the House Government Operations Committee's energy subcommittee that while they plan to hold prices as low as possible, they will not make any promises.
A Gulf official said a mild winter may actually result in a drop of consumer prices, but cautioned Congress not to be optimistic.
Texaco refused to testify, and the subcommittee immediately threatened the company with a subpoena.
Texaco previously announced it intends to freeze heating oil prices this winter, and received the praise of President Carter as a standard for the industry.
John Galloway, subcommittee staff director, said Texaco's promise was "misleading" because it only covers the rest of this year--before the heaviest part of the heating season.
Read more in News
Solving the Poverty ProblemRecommended Articles
-
Rising Oil Prices BittersweetThe recent increase in gas prices has exposed the unsettling dependence of the U.S. economy on cheap petroleum. Although many
-
Releasing Oil an Unsure SolutionOil prices have been rising constantly all summer, and now that the first cold snap has hit New England, those
-
Carter Telegrams Commend TexacoWASHINGTON--President Carter sent telegrams to 27 oil companies Saturday, asking them to follow Texaco's lead on home heating oil prices,
-
How Long Until Our Country Runs Out of Gas?T HIS month OPEC members met with non-OPEC oil producing nations for the first time, determined to curb global oil
-
Unpleasant UnctionA FORMER TEXAS congressman embarked on a diplomatic mission to Saudia Arabia, claiming that the recent plunge in oil prices
-
Dangerously Naive'To the Editors of The Crimson: Your March 20th editorial entitled "Common-sense Economics" is one of the shoddiest commentaries which
