Word: conservationism
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U.S. consumers responded bitterly, some of them by hoarding fuel and getting into fights at filling stations. Eventually an effort to conserve took hold. At one point, President Carter declared conservation "the moral equivalent of war." Consumers turned off unnecessary lights, rode bicycles, dialed thermostats down to 65 degrees F...
While learning their lessons, though, the industrial nations suffered great economic hardship. The price increase virtually sucked money out of the countries as fast as they could print it, which slowed growth and aggravated inflation and unemployment. Many Western countries finally began to break free of that pattern this year...
Many economists support some form of energy tax as a conservation and revenue-raising measure. Heller called the drop in petroleum prices "a heaven-sent opportunity" to cut the federal budget deficit by taxing gasoline or oil. Martin Feldstein, who two years ago left his post as chairman of the...
Some experts looked further ahead to consider the implications of last week's frenzy. They feared that cheap oil might lead to a return of wasteful ways that would make a new oil shortage inevitable at some point in the future. But the trend toward conservation will not easily be...
It is particularly disappointing that European governments have taken this "business-as-usual" stance now. The current world oil glut has created a buyers' market in which plenty of oil producing nations would be eager to take away Libya's European market share. And all Western economies have cultivated diverse...