Word: newe
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Dates: during 1970-1979
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Both the Administration and Congress remain reluctant to roll out the two Big Berthas of energy conservation: a stiff new gasoline tax and rationing. The White House so far has not supported the proposal by Anti-Inflation Adviser Alfred Kahn for a 50? per gal. tax. Even Connecticut Democrat Toby Moffett, a former rationing advocate, now concludes that that step "should be the last resort." But if plaintive appeals from Washington to "drive three miles a day less" go unheeded, the nation may be forced to begin considering such Stygian last resorts...
...profits have marched up this year, so has domestic exploration. Steel drilling rigs, eight and ten stories high, are rising at muddy, cluttered sites from the Rocky Mountain foothills to Louisiana's Cajun country. Although domestic production is not expected to rise in years ahead, the new activity will keep it higher than it otherwise might have been. And there is always the possibility, however slight, that oilmen may get lucky and strike another Spindletop or Prudhoe...
...steep rise follows an unexpectedly sharp decline earlier this year. Then, the major oil companies and the nation's 12,000 independent smaller operators, who account for about 80% of all drilling, were putting off new exploration. Major reason: uncertainty over the decontrol of oil prices and new natural gas pricing regulations. The turning point came in June when crude began to be decontrolled. Oil from wells "newly discovered" after Jan. 1, 1979, began to sell at $28.81 per bbl. delivered to the refinery, rather than the artificially controlled price of $13.86. The additional oil from older wells produced...
...exploration began to rise at about the same time, as producers finally started to figure out where they stood with the complicated Natural Gas Policy Act, passed in October 1978. It created whole new categories for natural gas and raised ceiling prices on some of them. The category of each well had to be determined by federal and state inspectors, and there were long delays as gasmen waited to find out what prices they could charge. The average price that interstate pipeline companies paid rose to $1.20 per 1,000 cu. ft. in August, from 91? ten months earlier...
Rumors of forthcoming official price rises constantly sweep East bloc countries and produce sporadic shortages as shops are cleaned out. Buyers also suffer from hidden prices that the state slides in without fanfare. A product-for example, a $45 electric razor-suddenly might be given a new model number, a different color or a fresh package, and a new price...