Word: petroleum
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Dates: during 1970-1979
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...then Iraq discovered the magic power of petroleum. Beginning three years ago, Iraq nationalized most of the oilfields that had previously been operated by European and American companies. The government thus took control of huge oil reserves (an estimated 100 billion barrels) that may be second in size only to those of Saudi Arabia...
Such scrambles ashore have been interpreted as possible rehearsals for a U.S. invasion of Middle East oilfields in the event of petroleum "strangulation." Sixth Fleet commanders deny that the exercises are anything more than routine. They point out that the amphibious force, after all, is only large enough to "go ashore to protect an embassy" in case of trouble...
...control each month; over two years or so its price would presumably shoot up to the world price of about $11 per bbl. Zarb estimates that decontrol would eventually add about 5? per gal. to the price of gasoline. The prices of heating oil, industrial fuel and all other petroleum products would be pushed up too. Senator Jackson figures that decontrol would ultimately add $250 a year to the energy bill of a typical U.S. family...
...just on details but in their philosophical approach to the problem of holding down imports and making the U.S. less dependent on foreign crude. The President would like to rely almost exclusively on higher prices and taxes to dampen demand for oil and encourage production of more domestic petroleum. Generally, the Democrats favor reducing fuel consumption by conservation measures and some form of Government allocation. But the Democrats are so deeply divided on the best mix of measures that their progress toward drafting any energy legislation has been tortuously slow...
...much as 20? more could be added in April 1977 if gas consumption climbs 3% or more above the 1973 level. The committee is still struggling to find agreement on import-quota levels, a windfall-profits tax for the oil industry and a levy on industrial petroleum use. Last week, to Ullman's discomfort, the committee voted down several proposals to place stiff taxes on the sale of gas-guzzling cars. The House commerce subcommittee has been even more bogged down. Among other things, it has yet to decide how, or even whether to approve a plan that would...