Word: petroleum
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Dates: during 1970-1979
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...irritation of party leaders like House Speaker Tip O'Neill, who regards him as something of a rebel, Jones last January maneuvered himself onto the powerful Budget Committee. He has since recommended cuts in spending for the Urban Development Bank, the Department of Energy's mismanaged Strategic Petroleum Reserve and the Labor Department's scandal-plagued CETA employment program...
...House had just approved a proposal that the industry thought it could defeat: legislation that would set aside 126 million acres of Alaska's most spectacular wilderness. The bill would place stringent limits on how the land could be developed by oil companies looking for new sources of petroleum, as well as by lumber and mining interests. The most sweeping land conservation legislation in U.S. history, the bill would preserve an area slightly larger than California. It would also protect the great caribou herds in the Arctic Wildlife Range, the spawning beds of the Pacific salmon in the Misty...
...bill was itself a compromise between the views of the developers and the strict conservationists. A total of 67 million acres would be designated as wilderness areas, in which little commercial activity is permitted. Still, the bill would permit oil companies to develop new sources of petroleum in 95% of the state's total area. The bill would also give concessions to certain established developers and open 22.5 million acres in the North Slope area west of Prudhoe Bay as a "national petroleum reserve" in which private companies could seek and produce...
Egypt was also suspended from the Organization of Arab Petroleum Exporting Countries and will thus lose its shares in three inter-Arab companies with a total capital of $2.8 billion. Although it did not specify exactly when the decision would take effect, the Arab Civil Aviation Council voted to close Arab airspace to Egypt's national airline, EgyptAir, and ordered its 17 member airlines to suspend flights to Egypt...
...year's end. Higher fuel costs would both fan inflation and be an added tax on Americans' disposable income, thus prolonging the recession. Otto Eckstein, chief of Data Resources Inc., the economic analysis firm, favors putting a strict limit of 7 million bbl. per day on petroleum imports, which now average about 8 million bbl. daily; mandatory limits would probably result in gasoline rationing. Okun and other board members would increase Government financing of efforts to develop alternative energy sources. A multibillion-dollar effort would not only pay off in increased fuel supplies, but also bolster the nation...