Word: embargo
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Dates: during 1970-1979
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Secretary of Energy James Schlesinger has scarcely helped. He got off to a good start by warning in February that the shutoff of oil exports from Iran had created a situation " prospectively more serious than the Arab oil embargo" of 1973-74. That statement was widely dismissed as alarmist, but it now seems only too accurate. Lately, the Secretary's statements have been so contradictory that one oil executive exclaims: "The real odd-and-even plan is Schlesinger's assessment of the energy situation...
...they might calm the panic buying that is turning what should be a moderate shortage into a nightmare. Indeed, the nation had better get used to coping with shortages. The one in 1973-74 disappeared quickly after OPEC turned on the spigot following the end of the Arab oil embargo. The cartel seems unlikely to do so again, and even if it did, no one could trust an increase in output to last. Meanwhile, the threat of economic slowdown and runaway inflation in the non-Communist world gets stronger every...
...time, he announced a solar energy program for the U.S. It sets a goal of meeting 20% of the nation's energy needs from all forms of solar energy by the year 2000.* Said Carter: "No foreign cartel can set the price of sun power, no one can embargo...
...tough with in the first place. Moral questions aside, military action would be a tactical nightmare. Nor does the nation have much of an economic weapon against OPEC. Cut off grain exports? Argentina or even India could sell much, if not all, of the grain that OPEC needs. Embargo U.S. military equipment sales? France and others would be only too happy to replace them...
...foreign oil imports. Yet almost in the next sentence, he was attacking the oil industry for not refining the crude as rapidly as in previous weeks. While he was speaking, lines of motorists at Washington, D.C., service stations were reaching their longest lengths since the 1973 Arab oil embargo...