Word: nationalizes
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Dates: during 1970-1979
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Straight it was. When he announced his first energy policy, way back in 1977, Jimmy Carter summoned the nation to a "moral equivalent of war," which was to be fought through a highly complex program of tax incentives and other gimmicks, and focused on conservation as the key to solving the nation's twin problems of declining oil production and rising dependence on price-gouging foreign suppliers. The new plan that he outlined in his plainspoken, 23-minute Oval Office address last week was far simpler-and much more likely to be effective. Henceforth, old-fashioned marketplace economics...
...pact nailed down. Yet when the speech finally came, it more than lived up to the advance billing. In blunt terms the President sought to dispel the notion, reflected in polls, that most Americans feel the oil problem is somehow phony. "The energy crisis is real," he emphasized. The nation's dependence on foreign oil, which now supplies nearly 50% of the U.S.'s needs, up from 36% in 1973, has left the country gravely vulnerable. As the President said, "Our national strength is dangerously dependent on a thin line of oil tankers stretching halfway around the earth...
...Voluntary driving cuts. The President asked each of the nation's 138 million licensed motorists to drive 15 miles a week less than they do now. The fuel savings could total 413,000 bbl. of oil every day. That is nearly half the amount of oil consumption that the U.S. pledged to cut during 1979 as part of a coordinated conservation drive by the 19 member-nations of the International Energy Agency...
...displace significant amounts of imports, huge new oilfields will have to be discovered and developed. Unfortunately, the oil may just not be there to find. Even though oil companies drilled more than 48,000 new wells around the nation last year, nearly double the amount of 1973, production continues to decline gently but steadily. A new crash program of drilling could turn out to be a multibillion dollar disappointment...
...that, decontrol remains the most effective energy policy step that the President is able to take. By allowing domestic crude prices to rise to world levels, Carter has sent a clear signal to the nation's trading partners and allies that the U.S. is at long last beginning to face up to the difficult decisions forced upon it by the energy squeeze. The President's speech was widely praised in other oil-consuming countries, and the mere anticipation of what he was going to say sent the dollar soaring in Japan, gold slumping in Europe and stock prices...