Word: adelman
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Dates: during 1970-1979
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...about whether an energy crisis exists. If the crunch is for real, they wonder how bad it is, who caused it, where it is leading, and what should be done to cope with it. For the answers, TIME interviewed at length five leading independent oil experts. They are: Morris Adelman, 62, professor of economics at Massachusetts Institute of Technology; Walter Levy, 68, the dean of petroleum consultants and adviser to governments and oil companies; John Lichtblau, 57, head of the private Petroleum Industry Research Foundation; Arnold Safer, 42, an economist of Irving Trust Co.; John Sawhill, 42, president...
...ADELMAN: There is no genuine supply crisis. There was an accident, Iran. We are traveling a bumpy road, and will continue to do so as long as OPEC is in charge. There is nothing we can do to make the cartel produce more. We have handed control of world oil over to a small, noncompetitive and irresponsible group...
...ADELMAN: There is not a damn thing we can do. We have no carrots and no sticks. The President should publicly admit that we are in the hands of a group of people, the OPEC cartel, who are at the moment wholly beyond our control...
...ADELMAN: If the Administration wants to be taken seriously, it must tax the energy that it wants saved. It is a disservice to control prices because you feed bum dope to consumers. When prices go up, people will use less. Seven cents more for gasoline will not make much difference, but the knowledge that prices are going to keep rising will change habits...
...ADELMAN: If we had not been in such a rush, the reactor accident might have been avoided, but nuclear is now back to the drawing boards. We need less regulation and more development of low-sulfur coal. Solar will grow only slowly, but that is where a lot of R. and D. money ought to be put. Energy R. and D. spending won't help solve anything for ten years, but something may come in big and leave us in a better position at the end of the decade...