Word: decontrolled
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...Changes. Ford has another strategy: to decontrol gradually the price of U.S.-produced oil and gas, letting them rise as a means of forcing conservation and encouraging new development. But even that came a cropper last week. A House Commerce subcommittee heard staff members of the Federal Trade Commission charge that the gas industry deliberately understated reserves in order to win high prices. For example, the FTC officials contended, in 1971 and 1972 Union Oil for internal purposes assessed gas reserves in an area off the Louisiana shore at 7.2 trillion cu. ft.; at the same time, the American...
...Memorial Day recess. In March, Ford vetoed a bill suspending his authority to raise import fees. So, blocking the tariff boost now would require a two-thirds majority in both House and Senate; a coalition of Republicans and oil-state Democrats could well sustain the veto. The decontrol proposal is far more vulnerable; it could be shelved by a simple majority of either house within five days after being received...
...Democratic victory on decontrol could be short-lived. On Aug. 31, the Emergency Petroleum Allocation Act, passed by Congress in 1973, will expire, and with it all federal authority to control prices. Unless an extension of the act is passed and signed into law by then, the economy will get the full shock of a jump in U.S. oil prices to the world level all at once-not over two years or so, as Ford proposes...
...intends to plunge ahead with his own program. He is expected to increase the tariff on foreign oil by $1 per bbl. on top of the $1 boost that he ordered last February. He also might start phasing out price controls on domestic old oil. By several reliable estimates, decontrol would add $250 a year to the average American family's energy bill. But the two measures would also stimulate oil exploration, which is lagging in the U.S., and probably reduce consumption by 1.5 million...
...consequence could conceivably be a stalemate in which Congress would block decontrol and/or a tariff boost, but be unable to produce any legislation that Ford would accept. That would probably result in a political orgy of finger pointing and leave the nation with no energy policy at all. There seems to be little public opinion push for any. A private poll that the FEA has had taken regularly for the past year or so shows that a majority of those questioned would prefer even some kind of rationing to higher energy prices. But another of the poll's findings...