Word: justness
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Dates: during 1970-1979
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Compounding the sense of drift, Energy Secretary Charles Duncan made public a confusing state-by-state conservation plan that calls for holding 1980 gasoline consumption to about 7 million bbl. per day, just about where economists expect it to be anyway. In an embarrassingly typical DOE bungle, the targets set...
Any tax proposal would face tough, almost insurmountable opposition in Congress, which considers a new tax as a pox in an election year. Typical of what special-interest groups will tell their Congressmen is the observation of a Southern California Auto Club spokesman: "The tax is just a scam to...
Though nobody likes rationing or higher taxes, the economy is destined to suffer even worse reverses if Congress fails to act. OPEC's prices are all but certain to keep climbing in 1980, draining wealth out of the U.S. economy and into the bank accounts of foreign oil exporters...
As a result of OPEC's policies, worldwide inflation has been sent soaring to ever increasing heights. Meanwhile, global economic growth has stalled and the international financial system itself has been thrown into turmoil. In 1980, oil-importing nations expect to hit what economic jargoneers have labeled a "synchronized...
More and more OPEC members are discovering that they can collect just as much by cutting production. Kuwait, Iraq, the United Arab Emirates, Algeria and Libya have all announced cutback plans for 1980, and others are likely to follow. Warns Gulf Oil Corp. President James Lee: "We estimate that OPEC...