Word: decontrolled
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What provokes my grandmother are the headlines in the Laurel (Mississippi) Leader-Call blaring about the tug-of-war in Washington over decontrol of oil prices. President Ford's position is that oil prices need to go up so that we'll use less oil and eventually become energetically independent from imported oil. This seems suspect to my grandmother. Why, just the other day she heard him and Mr. Kissinger on the TV jawboning at the Arabs about how bad it would be for the world economy if they were to raise their prices this fall...
...profits tax on the oil companies, and use the revenues to finance tax rebates that will stimulate the economy. But the Democrats would rather the companies never even got their greasy, oily hands on the money--accountants these days are camouflage experts. More importantly, they see the disastrous effects decontrol would have on the economy. A hundred billion dollars of spending power wiped out with one veto. A net withdrawal of spending power, even with tax rebates. A downward pull on an economy which has just bottomed out of the worst recession since the Great Depression, and is bouncing upward...
...National Federation of Republican Women and spoke at Southern Methodist University. Then he journeyed to Midland, Texas, where he dedicated the Permian Basin Petroleum Museum and was thanked with a shower of rose petals-a fitting gesture in a week when Congress sustained his veto of an oil decontrol bill...
...along, the Democrats had been making especially gloomy predictions about the impact of decontrol on prices. Arthur Okun, a member of TIME'S Board of Economists, warned that decontrol would add one point to the inflation rate and that the price rise OPEC is expected to announce soon may add another. Last week the pessimists drew some support from an unexpected source: a major oil company. In a widely noted letter to congressmen, Mobil Chairman Rawleigh Warner Jr. said that sudden decontrol might be "a shock" to the recovery and could slash consumer buying power by as much...
...Administration and the congressional Democrats fail to agree on a gradual phaseout of controls this time around, the nation could be in for a possibly painful test of just how sharp the shock of immediate decontrol could...