Word: higher
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Dates: during 1970-1979
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...gasoline nudged toward $1 per gal., and growing numbers of service stations around the country rationed sales to $5 or less per customer, Congress began battling over Jimmy Carter's plan to raise fuel prices still higher. Already the strategy is drawing heavy fire from left and right for being everything from a giveaway to Big Oil to a bureaucratic interference with private business to a dangerous new fuel for inflation...
...June, and to bring in a "windfall profits" tax. Scrapping controls will allow U.S. oil prices, which average about $9.45 per bbl., to rise during the next two years to the cartel-set world level, which already stands at a minimum of $14.55 and is certain to climb still higher. The oil companies would get an extra $6.5 billion in earnings annually from decontrol, but about half of the money would be taxed away. The Government would use much of the tax revenues to help industry shoulder the daunting costs of projects aimed at extracting oil from shale rock...
...find it difficult to avoid the passage of some sort of tax. Oil industry profits for the first three months of 1979 will soon be released, and they will show a surge of perhaps as much as 40%, largely because the OPEC cartel's price rises have caused higher prices in the U.S. too. In addition, companies benefit because their stockpiled inventories of crude, bought at lower prices, also rise in value. That alone will be enough to anger a public already critical of the oil industry, and the continuing rise in gasoline and other fuel costs will only...
SAFER: The problem is not a few cents more for gasoline. The higher cost of oil will drain an additional $35 billion a year from the world's purchasing power, and only about half of this will be recycled back in increased OPEC imports. Economic policy is virtually helpless confronting the simultaneous inflation and recessionary impact of this phenomenon...
SAWHILL: Conservation is the one initiative that the American people can accept, understand and do something about. Low prices for oil have sent the wrong signals to people. Higher prices will convince people that we have a problem...