Word: coale
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Dates: during 1970-1979
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...19th century fuel that is dangerous to mine, difficult to transport and dirty to burn free the world's most energy-hungry nation from its crushing dependence on foreign oil? All along, that has been the big question mark over coal, the linchpin in President Carter's National Energy Plan. Carter's goal for coal is to boost output to 1.2 billion tons a year by 1985-an unprecedented increase of almost 75% over the 685 million tons mined last year-and to coax electric utilities and industry to burn the coal instead of imported...
Certainly the coal is there. Beneath the pit heads of Appalachia and the Ohio Valley, and under the sprawling strip mines of the West, lie coal seams rich enough to meet the country's power needs for centuries, no matter how much energy consumption may grow. The physical task of digging the coal is no great problem. But the key question is whether industry can be tempted or prodded into burning the coal in the prodigious quantities that the National Energy Plan contemplates. Officially, Washington's answer is put bluntly by Secretary of Energy James Schlesinger: "We have...
...says one Commerce Department economist, the nation has gone through "a punk quarter." Ice and snow so snarled transport, and the coal strike so curtailed electricity that national production showed little growth. Otto Eckstein, head of Data Resources, Inc., calculates that real Gross National Product rose only 1.5% in the first quarter. With the snow melted and miners back at work, Eckstein thinks real G.N.P. will show a catch-up surge of 7.5% from April through June. For the year, real G.N.P. is still likely to rise around 4.5%. The trick will be to keep inflation from speeding...
That siren song should win some ready listeners. When the big copper producer was forced to divest itself of Peabody Coal by Government edict last June, savvy Wall Street analysts speculated that some or all of the $1.2 billion Kennecott received would be paid in the form of a special dividend. Instead, Chairman Milliken, apparently fearing an unfriendly takeover attempt, paid $66 a share for Carborundum. The rationale: the bigger the company, the more difficult it is to finance a raid. By paying more than twice the book value for a ho-hum company, Milliken let himself in for savage...
...constituencies, firing up inflation by calling for large jumps in welfare and urban spending, in farm subsidies and tariffs on imports as varied as sugar, TV sets and, just last week, CB radios. So long as the Administration appears to have round heels, self-seeking groups - from coal miners to steelmakers - will continue to press their inflationary desires...