Word: oils
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Dates: during 1970-1979
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There is just no oil to be found...
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...
...SAID the adoption of energy conservation and low-technology solar power represent the way out of the United States' dependence on imported oil, most people would dismiss you as a "freak" from California or the Sierra Club. However, if you told that to the members of the Energy Project at the Harvard Business School, they'd most likely slap you on the back and welcome you to the club...
...report on America's energy options: a collection of eight persuasive, crisply written essays entitled Energy Future. The project, which has been studying energy problems since 1972, says it is impossible to wriggle out of OPEC's grip in the short term by depending on conventional domestic energy sources--oil, natural gas, coal and nuclear. The Harvard group is not the first to say we must look elsewhere. But what is unique about this conclusion--other than the respect the group commands in government and business circles--is the Project's pragmatic, multidisciplinary examination of the energy problem. The group...
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 to greater domestic supplies of oil...