Word: oils
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Dates: during 1970-1979
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...Administration last week also started phasing out oil price controls in an effort to stimulate both increased domestic production and decreased consumption. With controls loosening, U.S. prices will rise whenever cartel members post increases. Economist Okun figures that a $1 raise by OPEC adds $4 billion to U.S. prices and drains $4 billion from U.S. consumer purchasing power. Admits Inflation Adviser Kahn: "The standard of living is going down, and there is nothing that I can do about it. The question is how to divide the burden without tearing ourselves apart...
...Congressional enactment of mandatory wage and price controls remains a remote possibility if inflation shows another alarming burst as the economy winds down. But, short of that, recession seems about the only option still open to the Administration to curb the nation's crippling consumption of oil and to slow the price surge...
...giant aircraft propeller. A large man-made atoll, resembling a top that Gulliver would have spun for the Lilliputians, may soon be floating off the coast of California. All are imaginative, experimental devices to help find and develop alternative energies, which would alleviate the dangerous dependency on OPEC oil...
Today the U.S. gets about 96% of its energy from only four expendable sources: oil, natural gas, coal and uranium. Each suffers one or more environmental, safety, cost or supply disadvantages. The International Energy Agency estimates that this year, even without new crude production cutbacks by OPEC, the worldwide supply of oil could fall short of demand by 2.3 million bbl. a day. The U.S. is particularly vulnerable, since it accounts for 19 million bbl. of the total demand of 60 million bbl., and uses about 60% of all the gasoline burned in the industrial countries...
Conservation can ease the crisis temporarily, but it is not a long-term solution. If the nation is to grow economically over the next two decades and moderate the fast approaching oil-fueled recession, it must secure supplementary supplies of reasonably priced, politically unfettered energy. Given the OPEC stranglehold, that means developing as rapidly as possible alternative sources of power. The U.S. has changed energy sources before, first from wood to coal and later to oil, and each conversion has led to a new burst of investment, innovation and prosperity. While some of today's energy alternatives may seem...