Word: market
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Dates: during 1970-1979
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Strategic perceptions vary accordingly. French President Valery Giscard d'Estaing, for instance, is expected to lobby strenuously for legislated energy saving and tight price controls in the name of "consumer solidarity." Many Japanese and West German experts, however, argue that governments should not interfere with market forces. Their theory is that ultimately only higher oil prices will force consumers to economize and encourage other forms of energy. Says Tokyo Economist Nobutane Kiuchi: "It may take another recession before the leaders learn this fact." Significantly enough, the three newest members of the summit club -Britain's Margaret Thatcher, Canada...
...member European Parliament replaces an outgoing assembly that was appointed by the governments of the nine Common Market nations. On paper, both old and new Parliaments have only limited consultative powers, but the potential for expansion lies in public hearings and budgetary scrutiny. The fact that its representatives are popularly elected and that many of them carry political clout at home should lend force to the new Parliament's recommendations...
British Laborites, meanwhile, paid dearly for their years of ambivalent feelings about the Common Market. As former Prime Minister Harold Wilson noted all too aptly of some Labor leaders, "They would really have liked to campaign on the basis of pulling out of Europe." In an election that produced a voter turnout of only 32%, the Tories took 60 of the country's 81 seats, leaving the Laborites with only 17. Saddest of the losers were the Liberals. Though they gained 1.7 million votes, or 13.1% of the British total, the Liberals won no seats at all because Britain...
...buyer of last resort for up to 500,000 bbl. daily of oil from coal, shale and other alternative sources. That would amount to about 8% of current U.S. imports. For now, the synthetic fuel is too expensive to compete with OPEC crude, but the Government's guaranteed market for the product would encourage companies to invest and get the new industry off the ground...
...plan would also help set a free-market ceiling price for oil in the U.S. itself. Reason: If OPEC tried to sell crude at a higher price, customers would turn to the synthetic fuel instead, and rising demand would encourage companies to boost output and build more plants. Says the bill's author, Pennsylvania Democrat William Moorhead: "The need for this approach is clearly established, and private enterprise is just not powerful enough to go it alone." Adds Irving Shapiro, chairman of Du Pont chemicals: "During war we declare a national emergency, pass a war powers act and give...