Word: petroleum
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Dates: during 1970-1979
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Crashing through choppy seas on a misty morning came the four-year-old 330,000-ton supertanker Venoil. It was carrying 250,000 tons of crude oil from the Iranian petroleum port at Kharg Island and was bound for Nova Scotia. At 9:39, the Venoil plowed into another ship. As coincidence would have it, the second ship was Venoil's sister Venpet, traveling in ballast in the opposite direction. Both supertankers had been built at the same yard in Japan at a cost of $28 million each; both were owned by the Bethlehem Steel Corp., and chartered...
SINCE LAST SPRING, the country's energy conscience has been dulled by the enervated atmosphere of stalemate in the Congress. As tunnel-visioned congressional partisans gradually weakened President Carter's courageous but by no means all-encompassing proposal to cut domestic consumption of petroleum, the public reacted with little more than yawns, and it now appears that little fuss would be raised outside of the White House if Congress passed no energy bill at all. The cautious tones of compromise now sounding on the Hill stand in stark contrast to Carter's battle cry of eight months...
...Andrus had a more convenient audience, a conference of coal producers in Louisville, Ky., to argue that Carter's energy program envisions "coal as America's ace in the hole that will win us the energy game in the years immediately ahead." Since some 16% of U.S. petroleum fuel is used in farming, Agriculture Secretary Bob Bergland is having no problem working plugs into upcoming speeches to rural audiences. One of his suggestions: the use of solar power to heat hen houses. Vice President Walter Mondale joined the parade with a pitch on NBC's Today show...
...imports. If their share of the market were increased to 9.5%, it would mean more business for the U.S. shippers and more jobs for U.S. seamen, but, economists estimate, it could cost the nation an additional $300 million for foreign oil. Because of higher transportation costs, the big petroleum companies would have to pay more for Arabian crude and charge more for gasoline at the pump. Hence the curious coalition between giants of the industry and consumer advocates in lobbying against the bill...
...which are today set at a Government-regulated price of about $8.52 per bbl. as a result of complex price regulations, must be allowed to rise to a world level of about $13.50 in order to discourage consumption and give the oil companies added incentive to explore for fresh petroleum sources inside the U.S. But they are convinced straightforward deregulation will amount to nothing more than a replay...