Word: oils
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Dates: during 1970-1979
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Most of the trumpet calls came from Carter's own party. The House Democratic Caucus repudiated Carter's oil decontrol plan, and House liberals joined Republicans to vote down the proposed federal budget (a vote that was rescinded the next day). Five Democratic Congressmen publicly announced they would not support Carter's renomination and charged that he had "abandoned the promises and hopes of his own campaign." Four of them announced support for the drafting of Senator Edward Kennedy, an idea that Kennedy is doing increasingly little to discourage. A poll released last week showed him beating...
After selling some of his bank investments to a Saudi Arabian entrepreneur and acting as a consultant in finding investment opportunities for oil-rich Middle East millionaires, Lance has been able to maintain much of the high life-style that his edifice of credit once supported. His lawyers might argue that if Lance did break some banking rules, he did so without either fraud or malice, and that little or no actual damage was done to anyone...
...below 1978, and might equal last year's level. That would still leave a shortage, since some 3% more cars, trucks and buses are roaming the open road now than a year ago. But the most pressing problem may be shifting from gas to diesel fuel. Oil companies are dribbling out to distributors only 55% to 85% as much diesel fuel as a year ago. Aviation fuel supply is also tight...
...Leary unfortunately compounded the confusion. In April, President Carter asserted that stocks of crude oil were dangerously low and had to be rebuilt. Result: oil companies obediently stored crude that they normally would have refined into gasoline. Last week O'Leary said the oil companies had been too "conservative" and urged them to reduce stocks of both crude oil and gasoline in order to make more gas available...
...that Congress needs any such incentive. Having rejected Carter's conservation and stand-by gas rationing proposals, the legislators are now rebelling against his plan to phase out price controls on domestically produced crude oil beginning in June. Carter decided on decontrol in the hope that higher prices would both discourage consumption and stimulate production-and also in the belief that Congress wanted to end controls...