Word: oils
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Dates: during 1970-1979
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Jimmy Carter had a story to tell his Cabinet a fortnight ago. He had been to New England, Carter said, and the people there, barely out of this year's heavy snow, were scared that they would run short of heating oil next winter. He promised them that there would be enough, that the refineries were beginning to build up winter reserves. He went to Iowa, the President went on, and he found that diesel-oil shortages had developed, and concerned farmers urged that some fuel priority be given for planting, cultivating and harvesting their crops. He promised them...
...official family, and some of his aides told their own stories to make the points. Imagine what Lyndon Johnson would have-done when he saw on his office ticker that gasoline lines were forming in California, said one harried energy planner. L.B.J. would have called in the oil executives and demanded a firm production estimate within 24 hours. He would have grabbed their arms and cut a deal - price decontrol for a reasonable tax on windfall profits. Then, the official continued, Johnson would have gathered a group of congressional leaders and had them help prepare an emergency rationing program. Meantime...
...fragile condition of energy supplies found the President to be uncomprehending of the forces that could be unleashed by an energy crunch. He insisted in his best Sunday-school manner that U.S. citizens would voluntarily adjust to energy inconvenience. His uneventful weeks as Georgia Governor during the 1973 oil embargo further clouded his view. America could cope without a lot of shouting from above...
Many businessmen are already mired in time-consuming antitrust cases. The Justice Department is pressing monumental cases to break up IBM and AT&T, and the FTC is doing the same in a suit against Exxon and seven other oil companies. It is unlikely that the FTC suit will come to trial much before the 21st century, by which time the Government expects oil to play a diminishing role in the nation's economy...
Some mergers enhance competition. Oil would seem an unlikely industry for this to occur in. But Thornton Bradshaw, president of Atlantic Richfield, argued that the acquisition in 1966 by the Atlantic Refining Co. of the Richfield Oil Corp. turned two so-so firms into a company strong enough to compete against the industry giants. Yet Bradshaw noted that his powers, like those of every high corporate executive, are severely limited: "Every decision made at my desk is influenced by some and sometimes most of the following: environmentalists, consumers, tax reformers, antinuclear protesters, the constraints of Government, the DOE [Department...