Word: weeks
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Dates: during 1970-1979
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Although the national need now is for effective leadership that can begin cutting the U.S.'s dependence on foreign oil without further delay, the President and Congress spent much of last week quarreling over what to do about oil industry profits. The low point was reached on Monday in Providence, R.I., when Carter told a conference of Northeastern state officials that the Senate's efforts to water down his proposed windfall profits tax "could become a trillion-dollar giveaway to the oil companies...
...years. What Carter meant to say, the aide insisted, was that the Senate version of the windfall tax bill will leave the industry with $130 billion more in profits from decontrol than the House measure. Other aides meanwhile tried to downplay and defuse the remarks the President made a week earlier about "punitive actions" that might be taken against the oil majors if the windfall tax did not meet his expectations. A better description of those still unspecified actions, one official suggested, would be "unfriendly." Louisiana Democrat Russell Long, who as chairman of the Senate Finance Committee was a chief...
Carter's latest episode of rhetorical overkill may have won him some election campaign points, coming when oil companies have been announcing unexpectedly high profits. Last week, following reports by other major oil companies of large third-quarter profit boosts, including Exxon's 118% rise to a record $1.1 billion, the Standard Oil Co. of California announced a quarterly gain of 110%. Ten of the largest U.S. oil companies showed third-quarter gains averaging...
...same time, though, legislators last week took a step that spotlights Washington's weakness on energy policy. The Senate voted to give Congress the power to restrict any future presidential move to limit oil imports. Only last July, the legislators were applauding the President's statement that he would use quotas to ensure that the U.S. would never import more oil than...
...OPEC nations go, so go the countries that pump the approximately 40% of the free world crude that is not under the cartel's control: last week both Britain and Canada moved toward higher prices that will keep the cost of their oil in line with, or even a little ahead of, what OPEC is currently getting...