Word: trillion
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Dates: during 1970-1979
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...have plagued the U.S. every winter since 1969. The scarcity threatened for the winter of 1975-76 could be the real thing. Estimates vary, but one made last week by Democratic Senator Ernest Rollings of South Carolina is as good as any. He predicts that supplies will fall 1.3 trillion cu. ft., or about 19%, below potential demand, producing a shortage 30% worse than the one last winter...
...businesses out of the credit market and eventually abort the recovery-leaving the U.S. with insufficient plant capacity and an intolerably high level of unemployment. One of the gloomiest prognosticators, New York Stock Exchange Economist William Freund, calculates the investment needs of private industry alone at more than $4 trillion over the next decade. Freund predicts that industry will come up short by about $650 billion...
Painful End. For the past seven years, the consumption of natural gas has outrun new discoveries at an alarming rate. Barring a dramatic reversal of present trends, the U.S. will exhaust its present proven reserves of 234 trillion cu. ft. in eleven years. There is no guarantee that new wells would bring in abundant new supplies. U.S. potential (as opposed to proven) gas resources are currently estimated at 322 trillion to 655 trillion cu. ft., roughly a 15-to 30-year supply, but that figure is little more than a guess. In any event, lead times for bringing...
...heard staff members of the Federal Trade Commission charge that the gas industry deliberately understated reserves in order to win high prices. For example, the FTC officials contended, in 1971 and 1972 Union Oil for internal purposes assessed gas reserves in an area off the Louisiana shore at 7.2 trillion cu. ft.; at the same time, the American Gas Association was officially estimating reserves in the same region at exactly half -3.6 trillion cu. ft. Justified or not, the accusations can hardly fire congressional enthusiasm for decontrol of oil and gas prices...
Kissinger also urged that the 18 IEA nations collectively cut imports of oil by 4 million bbl. per day by the end of 1977 and spend up to $1 trillion in the next ten years to develop additional sources of energy that would make the industrial world independent of the oil cartel. Yet, as Kissinger conceded, there is nothing that the consuming nations can do in the next several years to prevent oil producers from raising prices whenever they want to. Indeed, the Organization of Petroleum Exporting Countries may hike world prices by as much...