Word: nationalized
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Dates: during 1970-1979
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...against this backdrop of Oil at Any Price that Jimmy Carter and the leaders of Western Europe, Canada and Japan will sit down next week in Tokyo for two days of talks on energy and the imperiled world economy. Exactly 48 hours earlier in Geneva, the 13-nation Organization of Petroleum Exporting Countries will also gather-and take a step that will surely make the energy squeeze worse: another increase in price. Meanwhile, demands are rising both in the Congress and from the U.S. public that Washington launch a war-effort type of national program of cooperation by Government...
Although some Administration spokesmen insist that the U.S. position is not intended to pick a fight with anyone, the internecine squabble has only served to mystify Europeans more than ever. At the least, the nation's allies rightly wonder what the U.S. has to get tough with in the first place. Moral questions aside, military action would be a tactical nightmare. Nor does the nation have much of an economic weapon against OPEC. Cut off grain exports? Argentina or even India could sell much, if not all, of the grain that OPEC needs. Embargo U.S. military equipment sales? France...
Congress's sea change from generalized energy skepticism to a mood of "Let's produce" reflects the refreshing new perception in the nation. As a top Energy Department official observed to TIME Washington Correspondent Richard Hornik, "All of a sudden there must be 40 different energy production bills floating around on the Hill. A year ago, when we tried things like that, we were laughed off and accused of empire building...
This happened during World War II, when the nation was galvanized by fear that Germany would produce the first atomic bomb, and the Government-funded, $2 billion Manhattan Project unlocked the secrets of nuclear fission. In 1961 President John Kennedy, stung by Sputnik and later by Soviet Cosmonaut Yuri Gagarin's orbiting the earth, decreed that the U.S. should put a man on the moon by the end of the decade. A synergistic exchange of technology among Government, science and industry had Neil Armstrong and Edwin Aldrin walking on the moon five months ahead of the deadline...
...offers lessons for today. After several false starts, the Government in World War II decided to concentrate on one method of production and poured resources into it. Top managers were recruited from private industry, there were attractive incentives to manufacture the product-and in a remarkably short time, the nation was almost completely self-sufficient...