Word: petroleum
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Dates: during 1970-1979
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...over the long run. They oppose Ford's scheme to reduce consumption by raising the price of oil because it would be a drag on an already sagging economy. Says a Senate staffer who specializes in energy: "There is no need for a sudden drastic cut in petroleum imports that would add to unemployment and choke off economic recovery...
...company executives argue that the current price is necessary to pay the cost of new domestic production, but Jackson responds: "Baloney. Just look at the record: production has gone down steadily." To boost U.S. production, he would open to production the federal reserves at Elk Hills, Calif., and Naval Petroleum Reserve No. 4 in Alaska, and set up a board to coordinate and accelerate development on the continental shelf, perhaps through a Government-assisted consortium of several companies. Jackson considers Ford's immediate goal of cutting U.S. oil imports by 1 million bbl. per day to be unrealistic. Some...
...mentioned in Washington is $7 or $8 per bbl. That is far above the $2.65 import price that prevailed before the Arab oil embargo of October 1973, but it is also $3 to $4 below the $10.80 per bbl. basic price currently dictated by the 13-member Organization of Petroleum Exporting Countries...
...beginning to resemble the caucus race in Alice in Wonderland. Is it not something of a contradiction to cut taxes to facilitate the resurgence of buying power that will increase the demand for appliances and, especially, vehicles -and at the same time enforce a reduction in demand for the petroleum fuels that must drive the cars and power the machines that will manufacture the appliances...
Opinion polls taken during the war period indicated that three-fourths of the public consistently supported the petroleum rationing program and felt that it was effectively and honestly handled. It is particularly reassuring-and says something for the fairness and success of the wartime effort -that recent polls have indicated that a sizable majority of the American people favor rationing over the dangerously inflationary approach that is being proposed today...