Word: oils
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Dates: during 1970-1979
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...around the U.S., the lament is the same: in ways both devious and sinister, and too mystifying to understand, Big Oil is somehow out to rip off the public. Says Irene McMackin, a Milwaukee public relations consultant: "I just don't feel the crisis is real. I don't trust the oil companies." Adds William Meier, an Indiana insurance agent: "My emotional
Carter's plan to decontrol domestic crude-oil prices is a good first step to help the nation shake free of foreign oil dependence and the uncertainties that come with it. But there are misconceptions as to why the move is the right...
...doubtful, for instance, that rising prices will bring about enough conservation to cut oil imports sharply...
...bigger benefit of decontrol will come from increased domestic production. When prices are free to climb to the world level, domestic output is likely to rise as companies pump more oil out of existing wells that are now uneconomical to keep on stream. The battle between Carter and the oil industry over his windfall profits tax concerns whether decontrol will also lead to increased exploration and drilling of new wells that will raise production. The President has repeatedly hit the industry with the charge that oilmen will just pocket the profits from decontrol. Even under existing price controls, however...
Oilmen now hope that a big new play will develop in some fairly promising areas of Oklahoma, Texas and, most important, the so-called Overthrust Belt in the foothills of the Rockies. Says Joseph Reid, president of The Superior Oil Co.: "The price for new gas and oil is such that people can afford to take more risks and drill deeper than when prices were cheaper. We are drilling in places where we previously would not have drilled. What was uneconomical is now economical...