Word: free-market
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...immediately announce a successor, but the leading candidate by far is Energy Czar William E. Simon (the only other names being mentioned are Roy Ash, director of the Office of Management and Budget, and John Dunlop, head of the Cost of Living Council). Simon is both a free-market advocate and an ardent admirer of Shultz, who persuaded him to come to Washington 15 months ago as No. 2 man at Treasury. Simon still nominally holds that post even while running the Federal Energy Office-a job that stands to lose some of its urgency and importance with the lifting...
Whatever happens to the official price, traders can see little that might bring the free-market price down soon. Production in South Africa, which mines most of the world's gold, has been declining in recent years as veins become played out-a trend that has helped keep the price up. Contrary to myth, however, gold purchasing is not without risk. The world supply available for trading is so small that the sudden sale of a few million dollars' worth could yet send the price plunging...
Certainly Simon's free-market approach reflects Shultz's philosophy. But unlike the sometimes pedantic and doctrinaire Shultz, Simon has shown a refreshing tendency to change his mind in response to argument. Shultz fought to the end against even considering gasoline rationing. Simon has drawn up a comprehensive rationing plan, and insists that he will order it into effect if necessary-and if Congress gives him authority...
...Administration power to impose rationing and take other conservation steps. It will take up the bill again when it reconvenes Jan. 21. The Administration can now argue that it has prepared itself to take any steps necessary to cope with the fuel shortage, even measures that violate its own free-market inclinations, if Congress would only give it the power...
...third idea is to make gasoline more expensive by lifting price controls and letting the price rise as high as the traffic would bear. That idea is supported by free-market advocates but has no serious support within the Government. It would be as unwieldy and inequitable as the tax plan-and would channel gargantuan added revenues not to the Government but to gas-station owners and oil companies...