Word: nationalizes
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Dates: during 1970-1979
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That was what the government chiefs did?sort of. Carter announced a target of holding U.S. imports through 1985 at 8.5 million bbl. a day. That would be slightly more than the nation is importing now and considerably more than it brought in last year, when the start of shipments from Alaska temporarily held down imports. But it would be a low enough ceiling to force curtailment of some cherished petroleum-wasting habits such as lavish outdoor lighting displays, and it might extend or worsen the present prospects of recession. The Europeans accepted the principle of setting country-by-country...
...supposed to be the price rise that would somehow stabilize the chaotically climbing cost of petroleum on world markets. So much for wishful thinking. Instead of a single, stable price for crude, the 13-nation Organization of Petroleum Exporting Countries last week gave the oil-thirsting world its worst petro-gouging in more than five years. Rich and poor alike, the oil-importing nations are still struggling to recover from the recession that followed OPEC's huge price rises of 1973 and 1974. The latest assault, which is expected to send an incredible $182 billion cascading into the cartel...
Though the cartel made a halfhearted effort to pass off the new price structure as a ceiling on the rising cost of crude, not even the delegates seemed to believe it. With world demand exceeding supply, nations appear willing to pay virtually any price. Said one Indonesian delegate: "We're faced with a shortage of oil that seems irreversible. It is hard to believe that prices can be kept down." The former U.S. Ambassador to Saudi Arabia, James Akins, now a private oil-industry consultant, asserts, "The first time that any oil-importing nation offers a price above...
...grim tattoo of statistics will give new force to calls for an emergency tax cut. The nation's bill for oil imports will grow from $42 billion in 1978 to some $65 billion in 1979-in effect, a direct levy of fully $747 per year on every American taxpayer. To keep consumer spending from going into a freefall, the Government may be forced to chop its own receipts instead. But doing so would widen the federal deficit and pump yet more inflation into the economy even as output is declining. Quite a bit of U.S. economic policy is being...
...nation's fuel shortage was partly relieved when the rancorous independent truckers' strike showed signs of waning. Though it continued to cause trouble in some areas, it was apparently running out of gas in others. In Tennessee, truckers making deliveries were still the target of vandals and snipers. One driver was informed over his CB radio that he was losing a right wheel. When he stepped out to have a look, he was shot and wounded. Because of that and other incidents, Tennessee Governor Lamar Alexander declared an energy emergency, put state troopers on a twelve-hour...