Word: embargos
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Dates: during 1970-1979
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This year's energy conference is not the first that Time Inc. has sponsored. Four years ago, we convened a similar meeting to discuss the already apparent shortage. Six months after the Arab oil embargo in 1973, we held a second conference, recognizing that in a few short years, the energy crisis had become one of the greatest challenges facing the free world: How do we continue our present course, and grow in the future, as the fuels that power our lives disappear...
Monumental Crisis. Since the 1973 Arab oil embargo, economists have warned that the failure of industrialized nations to develop alternative power sources will result in a monumental energy crisis by the mid-1980s, involving widespread industrial shutdowns and a perilously declining growth rate. In Spain, for example, the economy is already suffering from the impact of a $4.5 billion oil import bill last year...
Carter said the nation's energy problems are worse now than in 1973, when the Arab oil embargo first brought the "energy crisis" to public attention, because supplies are rapidly dwindling and the federal government has not planned for the future...
President Ford ordered stockpiling of half a billion bbl. of oil in the U.S. by 1982. Carter will advance the date to 1980. In the event of a new embargo, that amount of oil would give the U.S. just under a one-month reserve at present consumption rates, a small but worthwhile drop in the bucket...
...fleet of nine newly constructed LNG ships owned by El Paso Natural Gas Co. will begin carrying gas from Arzew, Algeria, to Cove Point, Md., and Elba Island, Ga., early next year. That gas, for which El Paso signed a contract before the Arab oil embargo, will sell in the U.S. for about $1.25 per 1,000 cu. ft., v. a top federally controlled price of $1.44 for domestic gas shipped across state lines and $2 or more for uncontrolled intrastate gas. Algerian gas bought under a postembargo agreement, however, will cost Americans...