Word: coal
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Dates: during 1970-1979
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...curtail waste of energy and tap the nation's coal reserves so that the U.S. can stretch out oil and gas supplies until past the turn of the century, when new sources of energy, such as fusion, geothermal and solar power, will be coming on-stream in a significant way. Though it is still subject to change, here is how the Administration's new energy program now looks...
...COAL...
According to Schlesinger's estimates, the U.S. has enough coal-"the great black hope"-to last for 400 years. Other experts put the figure far lower, at 50 to 90 years. The supply is adequate to carry the U.S. well past the transition from the end of the oil and gas era to new, possibly not yet discovered sources of energy in the 2000s. The program will count on the profit consciousness of the coal companies, which now mine about 655 million tons per year, as a spur to increasing production to 1 billion or more tons annually...
Meanwhile, factories and utility power plants now using natural gas will be compelled to switch to coal as soon as possible. The cost to U.S. industry will be incalculably huge; the utility plants alone will be required to spend an estimated $75 billion on conversion. Tax credits and federal loans will be given to sweeten the wrench. Plants that cannot convert from gas will be taxed for its continued use. The energy plan may allow some relaxation of antipollution laws in order to speed up the transition to coal...
...portents are not favorable. The idea of keeping a "cap" on prices is unwise. It would interfere with what should be a prime goal of decontrol: letting the market adjust prices so that a B.T.U.* would cost roughly the same whether it was produced by burning oil, gas, coal or whatever. Only in that way can the U.S. get the most efficient use of fuels...