Word: oiling
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Dates: during 1970-1979
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November's price increases bear out his prediction. Global oil supplies are plentiful, yet prices continue to soar. The oil companies "are stockpiling oil as fast as it can be produced," reports the Wall Street Journal...
...Kennedy has carried the debate over the power of the oil companies beyond economic consideration to reckon with the threat that their vast economic power poses to a fair distribution of political power. He has long favored public funding of Congressional elections. (In 1978, oil industry PACs, oil company directors, executives and lawyers contributed $1.3 million to 34 senators, more than $40,000 for each one. And the U.S. News and World Report estimates that the oil lobby spends up to $75 million a year in Washington...
Last spring, Kennedy introduced legislation prohibiting the 16 largest oil companies from acquiring any company with assets of more than $100 million. And he has also correctly pointed out that the hundreds of billions the oil companies reap from decontrol will tighten their political squeeze on Congress and the nation's energy future...
Carter has thrown in his lot with the alternative annointed by the oil industry, pushing his $88 billion crash plan for synthetic fuels. Kennedy has opposed Carter's plan, saying that the country should not make the nuclear power mistake again--investing massively in an energy source before knowing its costs. Already, doubts about the environmental and economic soundness of synthetic fuels are cropping...
Carter has found that the oil companies are not easily beaten in Washington, and he has compromised himself and his party in the process. "When the trumpet sounds an uncertain note, you don't know whom to follow," said Rep. Bob Eckhardt (D-Tex.). Kennedy holds forth the promise of a more consistent, courageous and worthy leadership on energy issues...