Word: decontrolling
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...Council on Wage and Price Stability is increasingly bothersome to the White House. Within two working days. Press Secretary Jody Powell twice had to "clarify" Kahn's statements. First the inflation czar told a congressional committee that he did not favor Carter's plan to decontrol oil prices. Soon afterward presidential aides apparently changed Kahn's mind. Said Kahn: "I am now 100% behind the decision to decontrol. I always have been 49½% behind it." Then he told an AFL-CIO rally that failure of voluntary wage-price guidelines to slow inflation would lead to either...
Carter's decontrol and windfall plans stir a storm in Congress
...prices, which average about $9.45 per bbl., to rise during the next two years to the cartel-set world level, which already stands at a minimum of $14.55 and is certain to climb still higher. The oil companies would get an extra $6.5 billion in earnings annually from decontrol, but about half of the money would be taxed away. The Government would use much of the tax revenues to help industry shoulder the daunting costs of projects aimed at extracting oil from shale rock and coal, and to bankroll substantially increased research into solar energy...
...legislators have urged Carter to come up with just that sort of program all along, but now they seem ready to condemn him for doing so. Senators and Congressmen from New England, where home heating oil prices in some cases have jumped by 25% since last autumn, complain that decontrol will just make matters worse. Says Massachusetts Senator Edward Kennedy of Carter's program: "It's bad economic policy, it's bad energy policy, and it's bad for the country." Legislators from Texas, Oklahoma and other petrobelt states argue that Carter...
...windfall profits tax would strengthen Carter's new policy. As he said, "There is no single answer. We must produce more. We must conserve more. And we must join together in a great national effort to use American technology to give us energy security in the years ahead." Decontrol is a necessary first step to the creation of an effective energy policy, and the other steps proposed by the President can bring substantial additional progress...