Word: importance
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Dates: during 1970-1979
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...special energy message to Congress last month, President Nixon tried to steer a middle course while easing the shortages. He acted to increase supplies of foreign oil by abolishing the rigid import quota system and replacing it with a flexible system of tariffs on imported oil. To spur domestic output, Nixon ordered the Interior Department to triple by 1979 the amount of federal acreage leased to oil and gas companies. Moreover, the President asked Congress to drop price controls on new finds of natural gas, to extend investment tax credits on both dry and producing wells and to streamline time...
...former U.N. ambassador Charles Yost announced that the U.S. would officially discourage investment by American business in Namibia, would cut off Export-Import Bank guarantees and would not protect investments made since 1966. But none of the measures the U.S. government has taken to prevent investment have been effective. Many corporations--including Phillips Petroleum, Continental Oil, U.S. Steel and Bethlehem Steel--have decided to invest despite official policy...
MAURICE STANS, 65, director of C.R.P.'s finance committee. A self-made millionaire accountant, Stans joined the Nixon Administration as Secretary of Commerce in 1969. By urging import quotas, easier pollution controls and less stringent consumer-protection standards, he accumulated a sheaf of political lOUs from businessmen. When he left Commerce last year, he began calling them in, advising businessmen to make large cash or stock contributions to the campaign. They could do that secretly, he noted, by making their gifts before a tough campaign-fund disclosure law took effect in April 1972. Stans' efforts got C.R.P. into...
...addition, the President set up a new system of fees-to be paid by importers-that keeps foreign oil prices above U.S. levels and thus favors domestic industry. That should encourage the U.S. oil industry to explore for new sources of domestic oil and prevent the nation from becoming dangerously dependent on foreign suppliers. Because the fees are higher for refined products than for crude, the system also provides an incentive for American oil companies to build new refining facilities at home. As an added incentive, companies that build and expand refineries will be allowed to import...
...national commitment I believe are necessary to deal with the energy crisis." The underlying premise "that we will have continued and uninterrupted access to foreign sources of supply," Jackson feels is unjustified. S. David Freeman, director of a Ford Foundation study of energy problems, praised the end of the import quotas but found other flaws in the message: the President did not sufficiently explore foreign policy implications the possibility of oil stockpiling or even the current shortage of gasoline. Says Freeman: "There's not much to sink your teeth into...