Word: petroleum
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Dates: during 1970-1979
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...political manner born. His father, Prescott Bush, was a Senator from Connecticut from 1952 to 1962. George Bush went to Phillips Academy, Andover, and to Yale, where he made Phi Beta Kappa, before moving to Texas in 1948, where he later helped found and run the Zapata Petroleum Corp. Bush promised last week to reveal his income taxes for the past five years and his net worth "to dispel the notion that I am a rich Texas something-or-other." He is rich enough. Bush sold his oil-industry holdings in 1966 when he was first elected to Congress...
Supplies are also being crimped because demand for petroleum continues to grow. Last year's momentary surplus brought on by increased output from the North Sea and Alaska has been more than wiped out by rising consumption as well as OPEC's cutbacks. Steadily growing consumption of gasoline is causing most of the demand problem. Nearly 40% of all oil used in the U.S. goes for gasoline, and even though the price has almost doubled since 1973, the nation's 142 million motorists are burning it in record amounts. Not only have over 20 million new drivers...
...biggest charges yet. Even as the General Accounting Office was leaking a report criticizing the Department of Energy for foot dragging in its petro-probes of smaller middlemen, DOE was accusing seven of the largest oil companies of overcharging refineries by $1.7 billion since 1973. The alleged method: selling petroleum at far higher prices than permitted under domestic crude-oil controls...
...balanced budget, which Martin Feldstein, professor of Economics, has called something "politicians can digest in 30 seconds and talk about for months." Clark also said he would dissolve the nationally-owned corporation Petro-Canada, a concession to Lougheed, despite the fact that foreign multinationals control 95 per cent of petroleum sales. His promise ran into tough sledding, however, and he has weakly backed...
What is needed, of course, is an energy policy to lead the U.S. from its dependence on petroleum, especially imports. Energy Secretary James Schlesinger is probably too pessimistic when he warns that a severe global supply squeeze could come as early as the mid-1980s, but the nation will be in increasing jeopardy anyway. The threat is not that some day soon there will be much too little oil, but that consumers will have to pay ever more extortionate prices to get it. Says Guido Brunner, the Common Market's energy commissioner: "We have to realize that...