Word: planned
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Dates: during 1970-1979
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...would permit corporations to pay for oil on the Rotterdam "spot" market (users bid there for supplies not tied up under long-term contracts, and prices have shot as high as $40 per bbl.). French President Valery Giscard d'Estaing, speaking on behalf of the European Community, outlined a plan to freeze European oil imports at last year's level and to "dissuade companies from lending themselves to transactions at excessive prices" in Rotterdam. But that stops well short of Giscard's earlier ideas to set specific, country-by-country import ceilings, and to put a flat ban on high...
...Iran had created a situation " prospectively more serious than the Arab oil embargo" of 1973-74. That statement was widely dismissed as alarmist, but it now seems only too accurate. Lately, the Secretary's statements have been so contradictory that one oil executive exclaims: "The real odd-and-even plan is Schlesinger's assessment of the energy situation...
...House Banking Committee has already approved a less ambitious partnership plan of its own. Its bill, an amendment to the Defense Production Act of 1950, would permit the Government to become the buyer of last resort for up to 500,000 bbl. daily of oil from coal, shale and other alternative sources. That would amount to about 8% of current U.S. imports. For now, the synthetic fuel is too expensive to compete with OPEC crude, but the Government's guaranteed market for the product would encourage companies to invest and get the new industry off the ground...
...plan would also help set a free-market ceiling price for oil in the U.S. itself. Reason: If OPEC tried to sell crude at a higher price, customers would turn to the synthetic fuel instead, and rising demand would encourage companies to boost output and build more plants. Says the bill's author, Pennsylvania Democrat William Moorhead: "The need for this approach is clearly established, and private enterprise is just not powerful enough to go it alone." Adds Irving Shapiro, chairman of Du Pont chemicals: "During war we declare a national emergency, pass a war powers act and give...
...bill passes a state court challenge from city landlords and property owners is likely. "I don't think we'll lose," Sullivan, who is drafting a 20 page memo outlining the constitutionality of the plan, said, adding "but if we do we will have bought some time for the city." Sullivan estimated the court fight could take three years or more...