No, they're not loose, and there's no oil on the pulleys or belts.

I checked the Haynes manual and the belts seem to be a bit tighter than suggested. If they're tighter would that cause them to squeak? It also causes a touch of hesitation in my engine, usually under 3k rpms, but the hesitation stops when the squeaking stops. I know that wouldn't be the case if they were loose, because then the pulleys would slip and allow the engine to spin freely.

Also, is there a better way to judge their position than 'use your thumb and press the belt, measuring the slack'?

 

bump

This can't be that difficult of a question.

 

If the belts still squeek when they are properly adjusted they may be glazed. Useing belt dressing or replaceing them are your options. The belts wouldn't explain your hesitation. Are you sure it's not your distributor making noise?