Word: decontrolled
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...Spurred on by Senator Henry M. Jackson and other presidential hopefuls, the Democrats sought to lower oil and gas costs by legislating a rollback of prices to levels far below those set by the Organization of Petroleum Exporting Countries. For his part, President Ford believed that only an eventual decontrol of prices-which would mean higher consumer costs-would encourage energy conservation, provide an adequate incentive for increased domestic oil production and ultimately render the U.S. less dependent on foreign oil supplies...
After Congress in July rejected the White House proposal for phased decontrol the President vowed to veto a congressional bill that provided for a six-month extension of present price controls, due to expire on Aug. 31. That action would have plunged the nation into abrupt decontrol, with definite inflationary dangers. Faced with that prospect, late last week both the Administration and its Democratic opponents abruptly pulled back from the brink...
Price Surge. After eleventh-hour talks with Senate Majority Leader Mike Mansfield and House Speaker Carl Albert, Ford agreed to give Mansfield time to investigate support in the Senate for compromise legislation that would eventually phase out restrictions. Ford promised that if prospects for phased decontrol still seem promising this week, he will agree to a further extension of controls for 30 days or more to allow time for legislation to be prepared...
...months the Administration, which strongly advocated phased decontrol, had played down the possible impact of rising petroleum prices. But then came the resurgence of inflation in July, sending consumer prices soaring upward at an annual rate of 15.4%. That deeply impressed some of Ford's White House advisers, who were fully aware that rising petroleum costs were a prime cause of the price surge. The advisers also became increasingly worried that the looming shortages of natural gas, which supplies a third of the nation's energy needs, might trigger a stampede of industries to switch to oil, adding...
...consumers, perhaps the most visible sign of inflation during the next few months will be gasoline prices. Although the Administration is sticking by its earlier prediction that decontrol of oil prices would trigger only about a 3?-per-gal. rise, some other estimates keep coming in higher. Representative John D. Dingell, chairman of the Interstate and Foreign Commerce Committee's Energy and Power Subcommittee, calculates that gasoline prices could skyrocket to 90? per gal. Most experts doubt that the petroleum retailers will boost prices anywhere near that much, since the summer driving season will soon be over and demand...