Word: decontrolled
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...comment on the state of the politics of energy that consumers must pay even higher prices for oil products at a time when oil companies are making near-record profits. Decontrol is, unfortunately, one of the few options open to a president concerned with reducing American dependance on foreign oil. Although the Senate Energy Committee passed a standby rationing proposal, more stringent measures, though desirable, are politically unfeasible. The failure of Carter's 1977 energy proposals and the imminent watering-down if not complete destruction of his windfall tax proposals serve as ample evidence that the strong oil lobby within...
FOLLOWING decontrol, the public will become more aware of the economic consequences of Congressional energy policies. In addition to producing limited increases in conservation and domestic oil production, decontrol should have the additional effect of further alerting the public to the gravity of the present energy situation. Longterm solutions to the energy problem can only come when voters see the crisis in energy; higher oil prices are, sad to say, apparently necessary...
Carter mistakenly sees decontrol as an end in itself, rather than as a starting point for a broader energy policy. Convinced of the merits of decontrol, Carter did not link decontrol and his windfall profits tax; this may cost consumers $32 billion over the next two years, while producing only limited energy savings. Under a comprehensive windfall profits tax, that money could go to relief for the poor, funding for new energy programs and--for those profits oil companies would be allowed to retain--investment in domestic oil production. Carter's proposed tax, however, is much too weak, providing insufficient...
PRESIDENT CARTER'S decision to decontrol the price of oil before the 1981 deadline set by law makes the worst of a bad situation. In the first place, early decontrol will not increase oil production; the reason is simple. Decontrol is scheduled to take place in 1981, two and a half years form now. But oil companies, which need a minimum of three years to plan and drill a well, process the oil, and get the product to market, are now planning all their new production on the assumption that there will be no price controls. Early decontrol doesn...
...addition, despite his populist rhetoric, Carter seems to be doing his best to insure that the energy conglomerates will walk away with the windfall profits resulting from decontrol. First, his tax proposal, billed as a 50 per cent windfall profits tax would actually tax only 18 per cent of the added revenues that oil companies will rake in from early decontrol, according to The Wall Street Journal. But more seriously, Carter has not made decontrol contingent on the passage of any profits...