Word: oils
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Dates: during 1970-1979
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There are, of course, uncertainties and risks. Though economists are willing enough to guess, none can say with confidence what the ultimate inflationary impact of decontrol will be. Nor is it entirely clear just how much decontrol will increase domestic oil production. By Administration reckoning, the gradual phase-out of controls should encourage companies to pump more and more oil from their wells until, by 1982, production reaches an additional 700,000 to 800,000 bbl. daily (the U.S. now uses about 19 million bbl. per day). That would displace an equivalent amount of imported oil, but energy demand throughout...
...refineries and pipelines to come on-stream without years of delays, regulatory hearings and appeals, Carter signed an Executive order setting strict deadlines for processing applications. He also said that the Administration would take action to slice through the bureaucratic barriers that have bogged down plans by Standard Oil of Ohio for a pipeline to carry Alaskan oil from California to Texas. The pipeline would enable some 350,000 bbl. per day of Alaskan oil to reach Eastern markets, thereby displacing the need for an equal amount of imports...
...displace significant amounts of imports, huge new oilfields will have to be discovered and developed. Unfortunately, the oil may just not be there to find. Even though oil companies drilled more than 48,000 new wells around the nation last year, nearly double the amount of 1973, production continues to decline gently but steadily. A new crash program of drilling could turn out to be a multibillion dollar disappointment...
...world levels, Carter has sent a clear signal to the nation's trading partners and allies that the U.S. is at long last beginning to face up to the difficult decisions forced upon it by the energy squeeze. The President's speech was widely praised in other oil-consuming countries, and the mere anticipation of what he was going to say sent the dollar soaring in Japan, gold slumping in Europe and stock prices on Wall Street leaping to their best levels in six months...
Whatever the merits of the President's windfall tax proposal, his jabs at the "already large profits" of the petroleum industry were designed to appeal to the public's deep suspicions that oil earnings are particularly bloated. The grumbling is sure to increase over the next few weeks as the companies begin announcing their first-quarter earnings. They will probably show increases on the order of 20% to 40% or more over the first quarter of 1978. Reason: oil inventories acquired months ago are becoming more valuable as OPEC continues to push up prices...