Word: oils
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Dates: during 1970-1979
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...policy also promises much political pain and peril for Carter. The essence of his program is to strip away the controls that have held the cost of domestically produced crude oil at artificially low levels ever since the postembargo days of 1974. Next month, using Executive authority, he will order a gradual phase-out of the controls so that they will be entirely eliminated by Oct. 1, 1981, when by law they would have expired anyway...
...prevent handing what he sees as an unearned bonanza to the oil companies, Carter called on Congress to enact a "windfall profits tax." It would skim off about half the $13 billion or so of extra revenue that oil firms stand to get as the price of domestic crude oil, which now averages $9.45 per bbl., rises to the world level. At the moment, that figure is $14.55 for OPEC oil, but Ecuador is now charging a premium price of $20.60 per bbl., and other producers are also levying surcharges on the basic OPEC price. Under Carter's plan...
...timetable kept slipping as he struggled to get the Egyptian-Israeli peace pact nailed down. Yet when the speech finally came, it more than lived up to the advance billing. In blunt terms the President sought to dispel the notion, reflected in polls, that most Americans feel the oil problem is somehow phony. "The energy crisis is real," he emphasized. The nation's dependence on foreign oil, which now supplies nearly 50% of the U.S.'s needs, up from 36% in 1973, has left the country gravely vulnerable. As the President said, "Our national strength is dangerously dependent...
...State allocations. As a further move to curb gasoline demand, which is rising almost three times as rapidly as oil consumption as a whole, Carter announced a plan to bring state governments into the conservation act. He said that he would soon set strict gasoline reduction timetables for all 50 states, and that if they were not met he would ask for mandatory weekend closings of service stations...
...Voluntary driving cuts. The President asked each of the nation's 138 million licensed motorists to drive 15 miles a week less than they do now. The fuel savings could total 413,000 bbl. of oil every day. That is nearly half the amount of oil consumption that the U.S. pledged to cut during 1979 as part of a coordinated conservation drive by the 19 member-nations of the International Energy Agency...