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...main goal: to stimulate energy conservation over the long term but avoid any action on the price or availability of oil that might damage prospects for a turnaround in the U.S. economy. The Wright-Pastore conservation target is exactly half as ambitious as Ford's-an oil-import reduction of 500,000 bbl. per day in the first year...
With all the changes that have come and gone since the Soc Rel class study, the House reputations, though perhaps of minimal import now, persist. Adams is still called artsyfartsy and intellectual (though many will preface the latter with "pseudo"); Lowell is still intellectual (though with its fair share of preppies); Winthrop is still seen as easy-going; Eliot is still snobbish, white shoe and conservative...
...imminent tapping of North Sea oil and gas for the dawning of a bright new day. Prime Minister Harold Wilson jokes: "There is speculation which member of the Cabinet will become chairman of OPEC in the 1980s." Chancellor of the Exchequer Denis Healey says that Britain's petroleum import needs will be halved by 1977 and eliminated within five years...
...French and Italian aluminum companies that mine the West African country's immense deposits. The tax follows the precedent set by Jamaica last spring, when it increased taxes and royalties on its bauxite by 800%. Guinea plans to use the $40 million to help offset the higher oil-import costs that are squeezing the budgets of, all the less developed countries...
...patterns of the past decade continue, most of the increased sales of arms will be to the underdeveloped nations of the Third World. According to the U.S. Arms Control and Disarmament Agency, developed and underdeveloped countries in 1964 each imported about $1.5 billion in arms; by 1973 the industrialized states were actually buying a bit less, while the Third World countries' import bill had soared to $7.7 billion. One reason: as East-West tension has ebbed in Central Europe, the areas of real and potential conflict have shifted to the Third World. Enormous quantities of arms were required...