Word: oils
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Dates: during 1970-1979
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...muscle behind tariffs and import quotas. Wealthy shipowners lavish contributions on legislators who support the Jones Act, which requires that U.S. flagships carry all cargo among domestic ports. Small but vocal groups-the membership of the 185 U.S. antinuclear organizations totals roughly 35,000-prevent the shift from imported oil to nuclear power...
That law not only will save energy but will also encourage investment in new and better products. But the environmental regulations that retard the switch to coal, the expansion of nuclear power and the development of oil shale are debilitating to the nation. They not only waste energy but also increase oil imports and kill off job-creating capital projects...
Discourage Oil Imports. Impose a stiff federal tax on oil from abroad, enough to raise the price of gasoline to at least $1 per gal., which would still be much less than the price in any other industrial nation except Canada. Some of the money could be returned as tax credits to the poor and to people who need to use much gasoline in their work, including farmers. The rest of the funds could be used, to finance energy development at home. By restraining imports, the U.S. would slow the outflow of American capital to the OPEC cartel and would...
Encourage Domestic Energy. Eliminate all controls on oil prices, which would then rise to world levels and stimulate conservation; such a move would also lead to the expansion of drilling in the U.S. and to the development of alternative sources of energy that would become economically competitive if oil prices were higher. Guarantee loans for the development of particularly chancy and costly alternatives: oil from shale and tar sands, natural gas from coal, and solar energy...
With so much at stake, the White House has been using all its muscle to hold the agreement within the guidelines. Federal Mediator Wayne Horvitz, who helped arrange settlements in the postal and oil workers' negotiations, is sitting in on the bargaining and trying to nudge the two sides together. The Administration is implicitly threatening the industry against caving in to union demands. The Interstate Commerce Commission has informally told the companies that they will not be allowed to pass through-as higher rates-any raises of more than 7%. Until now, the ICC has merely rubber-stamped...