Word: oiling
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Dates: during 1970-1979
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UNFORTUNATELY NEITHER the decontrol of oil nor the production of petroleum from unconventional sources nor divestiture of the oil companies is likely to reverse the decline in domestic oil production. The argument that decontrol of oil prices would encourage oil exploration does not obscure the fact that "over 2 million wells have been drilled in the United States--four times as many as in all the rest of the noncommunist world combined." Shale oil would cost far more than conventional oil and takes too long to develop--"a production level equal to about half of one percent of U.S. oil...
Economic analyses do not yet enable one to determine whether breaking up the companies would result in any meaningful changes in either competition or efficiency. What is clear is that there is no evidence that divestiture would lead to greater domestic supplies of oil...
There is just no oil to be found...
Therefore, the U.S. has the choice of either importing more oil or turning to conservation and solar energy. The Project opts for the latter. Imported oil presents risks other than supply cutoffs and higher prices. There are external costs as well, such as a slowing of economic growth, higher unemployment and inflation and balance of payments deficits, along with "increased tension suspicion among the nations of the West...
...primary problem with conservation--the approach just doesn't lend itself to any heartrending, grandious schemes like the Manhattan Project or landing a man on the Moon. But the Energy Project believes such simple measures could cut U.S. energy consumption by almost as much as all the oil, domestic as well as imported, used in the nation...