Word: marketeers
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Dates: during 1970-1979
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...snubbing of luxury and even standard models, while the demand for fuel-thrifty small cars is far outstripping Detroit's ability to produce them. Buyers are increasingly turning to Toyotas, Volkswagens and other economically operated foreign makes, which now account for nearly a quarter of the U.S. market...
...that the nation can meet it by making some sacrifices and changes in its lifestyle, by taking some chances and paying some costs. What is needed, of course, is to lessen immediately the country's umbilical dependence on crude oil from the cartel. Slackened demand could loosen the market, make OPEC nervous and start a rush by its members to sell. The ways to accomplish that are well known and many, for there is no single miracle stroke against OPEC...
...since, gasoline rationing was marked by corruption, favoritism and loopholes. Today, rationing would be enforced by the same Department of Energy folks who have done so much to confuse and compound the gasoline mess. Says Treasury Secretary Michael Blumenthal: "The more I'm in the Government, the more market-oriented I become. No bureaucrats with pins at the Department of Energy, trying to figure out how much gasoline each gas station in the country should get, can set out a way to distribute gas in this country." Nor can they fairly and soundly figure out how much gas each...
...House in May rejected the President's stand-by rationing plan, but it offers some clues to any future program. Car owners would get ration coupons and could sell unused coupons on a "white market" at any price; each car would be allotted about 50 gal. a month, though the totals would vary by state; no more than three cars in each household could receive coupons; extra rations would be given to police cars, ambulances, taxis, farm tractors; heavy recreational vehicles would get nothing...
Probably a more efficient measure would be to "ration by price," that is, to free the market and remove gasoline price controls. President Carter has the authority to do that, subject to congressional veto. Decontrol would cause a political storm because prices would immediately rise. Some experts warn that gasoline would soar to $2 a gal., but free market advocates argue that long-term prices would go up much less, by perhaps a few cents or a dime a gal. In any case, three facts are most significant. First, a free market unquestionably would reduce demand by raising the cost...