Word: evens
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Dates: during 1970-1979
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...courtroom arguments in favor of drilling, no one knows how much oil can really be tapped from the shoals of Georges Bank. But even oil industry experts admit that the yield from the tracts to be auctioned will probably be far less than from Alaska's Prudhoe Bay or the Gulf of Mexico. Best guess: 123 million Barrels over the 20-year lease period. Brought up in a single haul, that would provide the U.S. with only about one week's supply of oil. If not oil, then natural gas could be drawn from Georges Bank...
...easily sweep an oil slick to sea. Secretary of the Interior Cecil Andrus notes that of 292 million bbl. of oil produced last year from off-shore U.S. wells, only two spills exceeded 50 bbl., the largest losing only 135 bbl. Besides, the oil revenues that could be realized even from a small reserve at Georges Bank are hard to turn down. Two decades of fishing might be worth $3.3 billion. Two decades of oil should earn about $7 billion at current prices. President Carter, whose standing among environmentalists dropped last month when he signed legislation to complete Tennessee...
...like the Clean Air Act, that now delay refineries, pipelines and other energy projects. The board would have the power to make some decisions for federal, state or local agencies that were delaying needed developments. The House-passed bill goes further than Carter proposed and gives the board power even to overturn federal laws, although state and local ones remain outside its domain, Arizona Democrat Morris Udall and other Capitol Hill environmentalists feared that the new agency might repeal two decades of antipollution crusades. But a strong coalition demanding an end to energy delays resisted substantial weakening...
Both the Administration and Congress remain reluctant to roll out the two Big Berthas of energy conservation: a stiff new gasoline tax and rationing. The White House so far has not supported the proposal by Anti-Inflation Adviser Alfred Kahn for a 50? per gal. tax. Even Connecticut Democrat Toby Moffett, a former rationing advocate, now concludes that that step "should be the last resort." But if plaintive appeals from Washington to "drive three miles a day less" go unheeded, the nation may be forced to begin considering such Stygian last resorts...
Detroit's gloomy mood even extends to mighty General Motors, which lost $100 million on operations in the third quarter. Still stuck with 330,000 of the 1979 model autos and trucks, GM has started its own incentives of $100 to $400 per vehicle for dealers. Yet no come-ons are needed for small models. People attempting to buy the gas-sipping Chevrolet Citation and other GM "X-cars" have waited six months or more for delivery...