Word: oils
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Dates: during 1970-1979
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...other proxy action the Corporation abstained on a resolution that would limit Standard Oil's and Mobil's sales to South Africa and voted against a resolution requiring Caterpillar Tractor Company to establish a special committee to review its practices in Sought Africa--as the ACSR suggested...
PRESIDENT CARTER'S decision to decontrol the price of oil before the 1981 deadline set by law makes the worst of a bad situation. In the first place, early decontrol will not increase oil production; the reason is simple. Decontrol is scheduled to take place in 1981, two and a half years form now. But oil companies, which need a minimum of three years to plan and drill a well, process the oil, and get the product to market, are now planning all their new production on the assumption that there will be no price controls. Early decontrol doesn...
...rhetoric, Carter seems to be doing his best to insure that the energy conglomerates will walk away with the windfall profits resulting from decontrol. First, his tax proposal, billed as a 50 per cent windfall profits tax would actually tax only 18 per cent of the added revenues that oil companies will rake in from early decontrol, according to The Wall Street Journal. But more seriously, Carter has not made decontrol contingent on the passage of any profits...
...criticism of Carter's approach to oil price regulation, however, goes beyond when and how he has decided to decontrol oil prices: we contend that wholesale decontrol of oil prices is an ineffective and regressive policy that should not be part of any rational energy policy, much less its cornerstone...
Proponents of decontrol contend that higher oil prices will induce consumers to conserve energy. But the demand for oil is highly inelastic: price increases do not lead to a proportionate decline in use. From 1973 to the present, the price of home heating oil increased by 184 percent; but instead of falling as the theory would predict, consumption rose 17 percent. The CBO estimates that by 1985 decontrol will reduce current levels of consumption by, at best, a meagre 1.7 percent...