Word: embargo
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...visible figures in a Government starved for leadership. Now he is putting his credibility on the line almost daily to declare, in press release after news conference after TV interview, that the shortage is only too real and will not go away even after the Arabs lift their embargo on oil shipments...
Devil Theory. That suspicion has been fanned largely by one fact: after three months of Arab embargo, blaring crisis headlines, long lines at gas stations and airline and auto-plant layoffs, the stocks of refined products held in the U.S. by oil companies are on the whole higher than they were a year ago. The latest figures from the American Petroleum Institute show that on Jan. 4 stocks of gasoline and residual oil (used to power factories and electric utility plants) were slightly lower than a year earlier. But inventories of jet fuels were slightly above those of early...
...suspicion unites extremists and conservatives, consumerists, Congressmen and local government officials. Contends Harvard's Nobel prizewinning Economist Wassily Leontief: "The oil shortage is not simply the result of the Arab embargo, but a gross mismanagement on the part of our oil industry, obviously abetted by our Government." Consumerist Ralph Nader conceded a month ago that there was a shortage, but labeled it "artificial." Now he says he does not think there is any shortage at all. "To this very hour," he asserts, "the industry refuses to disclose its reserves to the Government. If there was a real energy shortage...
...until recently was able to import more oil than could have been expected because the Arab embargo was not fully effective. The Arabs apparently never did cut production by as much as the 25% that they claimed; total tanker loadings at six Middle East ports for the last three months of 1973 rose 31% above those of a year earlier. The international oil companies have been rerouting much crude from Iran, Indonesia and Nigeria to the U.S., replacing Arab oil that America, as a friend of Israel, is not supposed...
Even if the embargo is lifted early in 1974, as expected, Arab leaders are not likely to boost production enough to satisfy voracious world demand. Thus, if the U.S. began immediately to expand its inadequate refinery capacity, and develop alternate fuel sources such as coal, shale oil and atomic power, it would still be four or five years before the nation's energy supplies met demand. Much of the impetus for such research and development will have to come from the Nixon Administration...