Word: oiling
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Dates: during 1970-1979
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...make him more amenable to seeking a negotiated settlement. The question is exceedingly tricky: Washington does not want to betray Morocco, a longtime ally. But neither does it want to jeopardize its improving relations with Algeria, and not merely because that country now supplies 9% of U.S. crude oil imports. Last week President Carter decided that the U.S. must support Morocco with the arms sale, though the transaction has also to be approved by a wary Congress. Then he sent Deputy Secretary of State Warren Christopher to Rabat to urge the King to seek a compromise. At the same time...
Without slower pay hikes, oil-induced inflation would have soared even faster. Schultze says his main goal now is to continue the moderate wage trend so that higher oil prices will not ripple more inflation through the whole economy...
When Jimmy Carter said a trillion, did he really mean to say a hundred billion or so? And did he threaten the oil companies earlier with "punitive" legislation when he actually only had an "unfriendly" law or two in mind? These were some of the weighty issues that preoccupied the policymakers on the energy front last week, as attention continued to be focused on Big Oil's current gusher of profits...
Although the national need now is for effective leadership that can begin cutting the U.S.'s dependence on foreign oil without further delay, the President and Congress spent much of last week quarreling over what to do about oil industry profits. The low point was reached on Monday in Providence, R.I., when Carter told a conference of Northeastern state officials that the Senate's efforts to water down his proposed windfall profits tax "could become a trillion-dollar giveaway to the oil companies...
...President's broadside was recklessly inaccurate, and embarrassed White House staffers had to rush to issue "clarifications," The trillion dollars, a White House aide explained, is actually the amount of additional oil revenues-not profits-that the companies will receive as a result of decontrol of domestic crude oil prices over the next ten years. What Carter meant to say, the aide insisted, was that the Senate version of the windfall tax bill will leave the industry with $130 billion more in profits from decontrol than the House measure. Other aides meanwhile tried to downplay and defuse the remarks...