Word: lastly
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Dates: during 1970-1979
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...about as rare as a drunk at Sunday school. But now from Congress come some welcome tidings to mix with all the bad reports out of Iran and the other oil-producing countries. The key energy recommendations made after the President's eleven-day retreat at Camp David last July should be signed into law within a few weeks. While this action will not forestall another price increase when OPEC meets next month in Caracas, it represents the most serious step taken to deal with the nation's energy woes since the oil crisis exploded...
With the two bills now virtually wrapped up, the Senate also began debate last week on the toughest Carter proposal: a new tax on extra profits that U.S oil companies could make from OPEC price increases. Because the price of American petroleum has been controlled by Washington since 1973, most domestic oil sells for only about half as much as OPEC crude. To encourage both conservation and exploration, the President proposed raising U.S. prices to world levels. But he linked that measure to an additional 50% tax on the oil companies' so-called windfall profits. Under Carter...
...Last summer the House easily passed a bill very close to the President's request. But oil producers traditionally have more friends in the Senate than in the House, and the Senate is debating a bill passed by its Finance Committee that would levy "only" $138 billion in new taxes. Administration lobbyists are now trying to increase the bite on energy companies to $242 billion. A new report from the Congressional Budget Office, headed by Democratic Economist Alice Rivhn, concluded that such action would enrich the Treasury but result in less oil for the country. The study showed that...
...floor leader of the Senate debate, says the tax is the political cost that the energy industry must pay in order to end crude oil controls. Long, who himself has extensive oil holdings, argues further that the nation can no longer afford a witch hunt against the petroleum companies. Last week he told a cheering Manhattan meeting of energy producers: "Those who defame us, curse us, abuse us and lie about us, would be in one hell of a fix without us." The Senate is expected to pass a windfall profits tax in early December, probably about $200 billion...
...energy conservation: a stiff new gasoline tax and rationing. The White House so far has not supported the proposal by Anti-Inflation Adviser Alfred Kahn for a 50? per gal. tax. Even Connecticut Democrat Toby Moffett, a former rationing advocate, now concludes that that step "should be the last resort." But if plaintive appeals from Washington to "drive three miles a day less" go unheeded, the nation may be forced to begin considering such Stygian last resorts...