0
SweetFreedom Posted 12 years ago
Grammar
Recovered $6 billion in refunds?
1) Does " recovered $6 billion in refunds" mean "(Yes,the $6 billion was previously treated as refunds; now we <the Carter Administration> wanted to take it back from you. You (the oil producers) would have the refunds no more)"?
2) The logic of "refunds...overcharged...price controls..." seems confusing to me. First, oil producers overcharged customers (by setting too high price for them); second, Nixon came to control the price (and he got the overcharged money from the producers? If so, why he wanted to refund them?); third, Carter Administration recovered/got back the refund money?
Background info:
Paul Bloom
abstract:
Paul Laurence Bloom (May 14, 1939 – October 10, 2009) was an American lawyer working as a special counsel for the United States Department of Energy during the Carter Administration who recovered $6 billion in refunds from dozens of oil producers in the United States who had overcharged as much as $11 billion for their products under price controls placed on "old oil" (oil obtained from wells that were drilled before a cutoff date) that had been imposed by Richard Nixon in the wake of the 1973 oil crisis as a means to control prices and to encourage oil companies to search for new sources of petroleum that would not fall under the regulations.
2) The logic of "refunds...overcharged...price controls..." seems confusing to me. First, oil producers overcharged customers (by setting too high price for them); second, Nixon came to control the price (and he got the overcharged money from the producers? If so, why he wanted to refund them?); third, Carter Administration recovered/got back the refund money?
Background info:
Paul Bloom
abstract:
Paul Laurence Bloom (May 14, 1939 – October 10, 2009) was an American lawyer working as a special counsel for the United States Department of Energy during the Carter Administration who recovered $6 billion in refunds from dozens of oil producers in the United States who had overcharged as much as $11 billion for their products under price controls placed on "old oil" (oil obtained from wells that were drilled before a cutoff date) that had been imposed by Richard Nixon in the wake of the 1973 oil crisis as a means to control prices and to encourage oil companies to search for new sources of petroleum that would not fall under the regulations.
Top answer
Here is my take on the text. Certain oil-company products were placed under price controls (by Nixon). That is, a limit was fixed for the prices, and the oil companies were prohibited from charging their customers more than the authorized limit.
- Here is my take on the text.
- Certain oil-company products were placed under price controls (by Nixon).
- That is, a limit was fixed for the prices, and the oil companies were prohibited from charging their customers more than the authorized limit.
- Nevertheless, according to the text, it seems that the oil companies sold these products at prices higher than the maximum approved prices.
- This is called overcharging.
Get the Weekly English Kit 📬
New words, one handy idiom, and a 2-minute quiz — delivered to your inbox to keep your streak alive.
1 Answers
0
Here is my take on the text.
Certain oil-company products were placed under price controls (by Nixon). That is, a limit was fixed for the prices, and the oil companies were prohibited from charging their customers more than the authorized limit.
Nevertheless, according to the text, it seems that the oil companies sold these products at prices higher than the maximum approved pri
Certain oil-company products were placed under price controls (by Nixon). That is, a limit was fixed for the prices, and the oil companies were prohibited from charging their customers more than the authorized limit.
Nevertheless, according to the text, it seems that the oil companies sold these products at prices higher than the maximum approved pri
0
Related Questions