Word: nationalized
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Dates: during 1970-1979
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...recession in the U.S. economy has begun, imports probably would not exceed that level in any case. If the quota were to stay at roughly that point in 1981 and succeeding years (a decision that may have to be made by another President), it might begin to bite! The nation would be forced to conserve fuel, or produce more itself, to accommodate normal growth in the economy. But for the moment the quota's main, and not insignificant, value is to serve as a symbol of national determination to put some ceiling on foreign petroleum...
...that, alas, was before Carter again distracted the nation's attention with his bewildering Cabinet shifts and gave Congress the added problem of trying to figure out who will be speaking for the Administration on energy. The distraction should not be allowed to last long. The energy question will remain urgent, and will demand solutions, long after Carter's formation of his new Cabinet-and after both he and the Congressmen who will be voting on his plans have left office...
Even if Congress rejects some parts of Jimmy Carter's ambitious new design, the rising price of petroleum seems destined to awaken the nation from its energy stupor. As the cost of crude climbs, more and more technologies-some of them new and exotic, others as familiar as moonshine stills and windjammer sailing ships-are beginning to come on stream to conserve fuel and produce energy for the 1980s from unconventional sources. Clever inventors and canny investors see prospects of becoming instant energy millionaires. Long stagnant industries such as coal and steel stand to recover and prosper. Resource-rich...
...regions that stand to benefit most are coal-heavy Appalachia and the Rocky Mountain states, site of most of the nation's oil shale and some of its most promising new sources of coal and oil. The U.S. Gulf Coast may also be awash with dollars, as drilling companies search for hard-to-get methane gas in deep rock strata. In grain-growing Iowa, Kansas and other farm-belt states, some 1,000 service stations are selling gasohol, made from gasoline with a 10% lacing of grain alcohol, and Carter's program would enable production to jump. Says...
...energy companies collect as U.S. oil prices climb to world levels. The House has raised this to 60?, but what the Senate will do is uncertain. Thrashing out a compromise could take months, given Washington's temptation to use the oil industry as a scapegoat for the nation's energy woes...