Word: decontrol
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...Congress eager to take some kind of action on energy, but sadly confused as to what to do, and a bewildered and increasingly frightened public. Carter will surely make another strong pitch for a standby gasoline-rationing program and his windfall-profits tax on oil companies, to accompany the decontrol of domestic oil prices that he hopes will arrest the decline in U.S. oil output. That scarcely adds up to a sweeping program. Unhappily, the only group that seems to have a clear idea of how it wants to manage the energy crisis is OPEC...
...House Ways and Means Committee approved a tougher tax or oil-company "windfall" profits than Jimmy Carter had proposed. The President's plan would have let oil companies keep 29¢ to 34¢ of each extra dollar in profit that they make from the decontrol of domestic oil prices that Carter began June 1. The Ways and Means bill reduces the figure to between 17¢ and 23¢. It is likely to be watered down in the Senate, and end about where Carter wanted...
...rebellion against decontrol was led by Anthony ("Toby") Moffett, 34, who once headed Ralph Nader's organization in Connecticut and has become a leader of the "Watergate babies"-the highly independent Congressmen elected...
What are the chances? Not bad, says Ketelsen. Decontrol of U.S. gas prices has made deep drilling worthwhile; there is a lot of gas 15,000 to 25,000 ft. below Louisiana, Oklahoma and probably New Mexico. Just last week, Tenneco struck gas in the previously discouraging Baltimore Canyon, 80 miles off the New Jersey shore. Farther in the future, Ketelsen has hopes for geopres-surized gas-squeezing out large amounts of methane that is mixed in with sea water in mammoth caverns along the coasts of Louisiana and Texas. The $3-per-bbl. tax credit, now proposed...
...they a temporary inconvenience or ominous intimations of the future? The last gas crisis, in 1973-74, subsided soon enough. Perhaps this one will as well? According to the Gallup poll, more than three-quarters of Americans still believe that current gasoline shortages are a Big Oil contrivance. If decontrol begins, the assumption goes, prices will rise well above $1 a gallon...