Bloom was appointed in 1977 as special counsel for compliance by Secretary of Energy James Schlesinger, and was responsible for investigating violations of oil price controls imposed following the 1973 oil crisis. Under regulations established during the Nixon administration, oil producers were given limits on prices for "old oil". At the same time, new discoveries were fostered by being excluded from these rules. With 600 attorneys and accountants performing investigations together with hundreds more from auditing firms, the task force was able to use subpoenas and to place auditors on-site at producing companies to analyze transactions. With this information, Bloom was able to identify excess charges amounting to $11 billion from all but two of the nation's 35 largest oil producers. Despite arguments from the oil companies that they were being charged with violations of arcane interpretations of the rules imposed, Bloom was able to recover $6 billion in refunds.[2]
After receiving a settlement payment of $4 million from Standard Oil of Indiana, Bloom disbursed the funds to four charities, each receiving $1 million to assist poor people with their heating bills. The Reagan administration attempted to reclaim these funds, but by that time the charities had already distributed almost all of the money.[3]
Bloom died at age 70 of pancreatic cancer on October 10, 2009, in Chevy Chase, Maryland. He was survived by his wife, Marjorie, as well as by two sons and a daughter.[2]