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...last three years, Shekelle has used death certificates of the workers studied earlier to find a 14-per-cent incidence of fatal heart disease among subjects with "high cholesterol diets," compared to an 11-per-cent rate for those in the lower-cholesterol category...
...example, the West were to lose Saudi Arabian oil for a year, U.S. GNP would drop $272 billion, while inflation would skyrocket by 20 percent and unemployment would jump by 2 per cent. And if a war, natural disaster, or sabotage were to cut off all Persian Gulf oil, the GNPs of the U.S. Europe, and Japan would plummet by 13,22, and 25 per cent, respectively. These catastrophes could cause a wholesale shifting of alliances as Western nations pleaded, or fought, for oil-and, the authors claim, could prompt a global war as nations scrambled for diminished oil supplies...
...they correctly stress that such a frightening scenario is more likely today than ever. Between the two energy scares of 1973 and 1979, America's dependence on oil imports actually climbed 25 per cent. And though imports have boomed, more than two of every five Americans still believe the U.S. is energy self-sufficient, according to a Gallup poll last winter...
...these strategies, price controls on domestic oil and natural gas-imposed to pacify a price-conscious public-has effectively discouraged U.S. production, necessitating foreign imports just when they most threatened U.S. security. Thus, imported oil's share of U.S. consumption boomed, reaching a peak of 47 per cent three years ago. "The painful 1973 Arab oil embargo seemed to have taught us nothing," Nye writes. Nor has America learned the lessons the 1979 Iranian Revolution's oil curtailment should have taught, they emphasize...
TOREDUCE this crippling dependence, they advocate swift decontrol of prices and demand reductions through conservation. But unlike rightwing proponents of decontrol, they are aware at least of equity considerations, and propose a huge windfall profits tax of up to 90 per cent to slash Big Oil's potential profits...