Word: crude
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What can Carter do? The 94th Congress gave the President authority to lift all controls on the price of most domestic crude oil effective June 1, a step that would make a trip to the gas station more expensive. At Camp David, Treasury Secretary Michael Blumenthal and Energy Secretary James Schlesinger urged the President to take such action. But Vice President Walter Mondale and Presidential Counsel Stuart Eizenstat complained that this would be a blow to low-income families. At the very least, they argued, decontrol should be phased in. Nevertheless, a consensus did develop at Camp David that domestic...
...would enable utilities and factories to switch from oil and gas to coal for generating electricity and for heating. In terms of energy content, coal is indeed a bargain compared with other fossil fuels. A ton of coal contains about the same amount of energy as 4 bbls. of crude oil, but at the going rate of about $25 a ton for most existing long-term delivery contracts, coal is only half as costly as OPEC crude. Unfortunately, the savings are offset by the huge costs of transporting and burning coal, and the tax incentives that the Administration proposed...
...deliveries are rapidly being pared back to stretch dwindling inventories. Exxon's supplies are becoming so tight that last week the company had to impose an $8 limit on gas purchases at its stations along the heavily traveled New Jersey Turnpike. Exxon also said it would not renew crude-oil supply contracts with other companies, a step that is going to make it harder for the firms that have been cut off to meet their own commitments...
...fired as ineffectual. One of Schlesinger's biggest embarrassments: DOE'S strategic petroleum reserve, which is supposed to be available in times of severe shortage but is years behind schedule and contains less than a week's worth of oil. Pumps to get the crude back out of the huge underground Louisiana and Texas salt domes, where it is stored, will not be installed until September, if then...
...would have enabled Alaskan production, presently set at 1.2 million bbl., daily, to increase to a full 1.6 million bbl., and thus help reduce dependence on foreign oil. Without the pipeline, it would be difficult to raise the North Slope output: the West Coast is already overflowing with Alaskan crude, and Sohio is having to ship some 350,000 bbls. a day of it via tanker through the Panama Canal, a process that adds up to $1 per bbl. to the cost. What is more, oil companies are barred from exporting Alaskan oil, even if the purpose is to swap...