Word: oils
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Dates: during 1970-1979
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...last week abandoned its drive to the end federally ordered 55-m.p.h speed limit. No matter. Most U.S. drivers laugh at the limit anyway. Meanwhile, homes and offices are overheated and empty skyscrapers are lit up like Christmas trees all night long. In short, five years after the Arab oil embargo, America remains a profligate consumer and waster of energy. If all the barrels of oil that the U.S. uses in just one day were laid end to end they would stretch the from New York to Calcutta...
Just about the most unpopular idea was Jimmy Carter's thwarted proposal to impose a new tax on domestic crude oil that would sharply raise the retail price. U.S. prices are low by world standards; a gallon of regular gas that sells in New York City for 78? costs $1.55 in Tel Aviv, $1.83 in Bonn and $2.09 in Paris. Economists, bankers and independent study groups like the Trilateral Commission agree that substantially higher prices would drive home the reality of the energy crisis and the need to save. For that to occur prices would have to rise drastically...
...same time, the U.S. has not fully exploited its domestic oil. Alaska's daily output could be increased from 1.2 million bbls. to 2 million, but there is not enough demand for the extra oil on .the West Coast and it cannot be transported east easily or economically. The Jones Act requires that the oil be shipped on U.S. vessels and that jacks up the price to unacceptable levels. A pipeline to carry the oil across the country has been stymied for six years. Initially the problem was just to get the necessary 700 federal state and local permits...
Other forms of alternate energy are held up by the huge costs of development. This is particularly true of power from the sun, tides waves and ocean currents, as well as oil from tar sands and shale. These sources stand to meet only a small part of the country's energy needs in the foreseeable future because the technologies are expensive, risks are high and immediate rewards are small. Progress may well require more Government grants, loan guarantees and tax incentives. What is needed to ease the nation's dependence on erratic foreign sources of oil is spending...
...climb has been helped by reports that South Africa, until recently a major consumer of Iranian oil, has negotiated a long-term deal to buy alternative supplies from Saudi Arabia in return for gold. Since South Africa is the world's largest gold producer and Saudi Arabia is the world's largest oil exporter, such a deal would divert much gold away from world commerce and into Saudi vaults, forcing up the price of the metal still more...