Word: decontrols
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Unfortunately, the Democrats do not yet have any coherent energy strategy except opposition to Ford's ideas. Congress is likely to vote down Ford's taxes on domestic oil and his plan to decontrol prices. Several Democrats, including Tip O'Neill and Senators Henry Jackson of Washington and Edward Kennedy of Massachusetts, also are opening a drive to suspend the President's authority to raise oil tariffs...
...economic steps proposed by Ford except the decontrol of crude oil prices would require Congressional consideration...
...political difficulty is that an excise tax and price decontrol would both require approval by Congress, which could decide to debate the matter into 1976. Thus the White House is considering kicking off its energy-conservation program with a stop-gap tariff on oil imports that Ford could impose by Executive order. The Administration's program would unfold in three stages...
...PRICE DECONTROL. The Administration will pair its request for excise taxes with a plan to strip away all controls on crude-oil and natural-gas prices. Thus the cost of old oil would float up from $5.25 per bbl. to the world market price, now about $11. Interstate natural gas, now controlled at 28? per 1,000 cu. ft., would be allowed to rise to uncontrolled levels of intrastate gas, now about $1.25. The resulting surge in oil-and gas-company profits would be cut by a special "windfall profits" tax; it would be channeled back to fuel users...
...opponents of the resolution said that decontrol would drive land values up, encourage high-rise construction and turn Cambridge into "an ugly, blighted, overbuilt apartment jungle...