Word: synfuels
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Dates: during 1970-1979
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Public reaction also seemed favorable. Carter proposed having the Energy Security Corp. issue $5 billion in bonds to the public to help finance synfuel development. In one of those bits of self-conscious flag-waving that nonetheless may illustrate the popular mood, the city council of Ga. (pop. 200), Ga., voted to invest half the town's accumulated savings of $20,000 in those bonds...
Carter's program, which resembles the late Vice President Nelson Rockefeller's 1975 plan for a $100 billion Energy Independence Authority, would profit many companies, small and large alike. Any rush to build synfuel plants would bring new orders for makers of steel, drilling-equipment tools and construction machinery. Says Julian Ward, vice president at Houston's Brown & Root construction firm: "Any company with design-engineering and construction capability is going to have a part of this thing-it's so big. The spending would sop up the entire U.S. petrochemical-engineering know...
...first energy address two years ago. In the semiarid reaches of the intermountain West, where treasure troves of coal lie almost on the surface just waiting to be scraped up and hauled away, whole new towns would have to be built to house the workers employed at mines and synfuel plants. Residents of the region regard such a boom as a mixed blessing at best...
...Carter's program would have little direct, short-term impact on the economy. It will take time for the biggest construction contracts to be let out, for the huge rail and mining jobs to get under way. Actually building a synfuel plant could require five years or more, and environmental objections and court protests might drag out projects even longer. The size of the spending appears smaller when reckoned at an average $14 billion a year, spread out over ten years. That is a relatively small part of an economy that now produces $2.3 trillion worth of goods...