Word: hodel
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...market. The White House's proposed budget would place a stand-by tax on oil if the federal deficit grows too large, but that measure is aimed mainly at boosting Government revenues and, in any event, seems to have little chance of passage. Energy Secretary Donald Hodel has meanwhile suggested slowing the rate at which the U.S. Strategic Petroleum Reserve is being filled. That cache, which currently holds 312 million bbl. out of a planned 1 billion bbl., was created in 1975 as a safeguard against future shortages of foreign oil. With imports down, says Hodel. "maybe...
...irrelevant. Even after last week's reduction in the bench-mark price, many oil buyers still balked. Said Barry Good, senior oil industry analyst with the Morgan Stanley investment firm: "I have a sense that the traders believe the price has to drop more." U.S. Energy Secretary Donald Hodel predicted that the cost of crude would fall to about $25; some experts, including Alan Greenspan, chairman of the Council of Economic Advisers under Gerald Ford, see it going perhaps to $20 unless OPEC sets lower quotas...
Consumer groups also oppose the bill, even though the Administration contends that it would lower prices. Energy Secretary Donald Hodel estimates that residential gas rates could drop as much as 5% in the first year under the mea sure, cheaper) that oil costs about $31 per bbl. (and more if crude is cheaper). But the Citizen/Labor Energy Coalition, the main consumer antideregulation lobby, argues Says prices would go up, not down, by perhaps 67% within four years. Says Edwin Rothschild, assistant director, referring to an Administration argument: "They that that as much gas will be falling in price as will...
...think the appointment of Hodel is a hopeful sign. They've obviously appointed some one who wants to make the department into an effective instrument as far as I can tell I think in the emergency preparedness area, the department is doing a pretty good job. Other areas I think the expenditure's been cut back too far. I think that's basically...
Despite the compromises, the Reagan Administration was ebullient. "This is landmark legislation," crowed newly confirmed Energy Secretary Donald Hodel. The bill also cheered up the flagging nuclear-power industry, which has not had a new reactor order since 1978. Seven states in the past seven years, including California, have banned further construction of nuclear-power plants pending a legislated solution to the waste problem...