Word: fueled
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Dates: during 1970-1979
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...market and send a signal to the U.S.'s increasingly skeptical allies that the nation is exercising leadership to curb energy use. Even with a 50? tax, Americans would still have a comparatively easy ride; most Europeans, Japanese and other non-Americans pay $2 or more for the fuel...
...many: the suburbanite who works the night shift, the construction laborer who moves from site to site, the marginal farmer who drives to a supplemental job in town. But food production would not be set back; to run their equipment, farmers long ago shifted largely from gasoline to diesel fuel, and they are almost certain to be exempted from any tax increases or tight rationing...
Fast food chains such as McDonald's, Wendy's and Howard Johnson's would suffer. Restaurants near population centers would surge. So would air travel, as people flew on vacation instead of driving. That would boost sales of more fuel-efficient jets, and Boeing, Lockheed, McDonnell Douglas and other planemakers would benefit. But resorts in South Florida and New York's Catskills would be hit hard because most people go there by car. Roadside motels would suffer, but rents of apartments and values of houses close to city centers and public transit would climb...
...were recycled to consumers, as the various Administration proposals recommend. But the impact on consumer prices would be severe. A full 2.4 points of the nation's current 13.1% inflation rate is traceable directly to increases in gasoline prices this year. Tacking another 50? a gal. onto fuel costs by most estimates would add three or four points more to the consumer price index next year...
...wealth out of the U.S. economy and into the bank accounts of foreign oil exporters. The price rise will help slow the consumption of gasoline still further, of course, but the inflationary impact will quickly spread throughout the whole economy, since crude oil price increases affect not just automotive fuel but all petroleum products. Enacting a gasoline tax would not only slow consumption while providing less inflationary pain, but would also soften the impact on the economy of future cartel price increases because less foreign oil would be entering...