Word: decontrolling
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Dates: during 1970-1979
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Carter's plan to decontrol domestic crude-oil prices is a good first step to help the nation shake free of foreign oil dependence and the uncertainties that come with it. But there are misconceptions as to why the move is the right...
...since 1973, a far steeper climb than that of inflation, and yet consumption continues to surge. Gasoline prices would have to climb much, much higher to make a significant difference; moderately higher prices will help a little bit, but nowhere near enough to make that alone the reason to decontrol...
...bigger benefit of decontrol will come from increased domestic production. When prices are free to climb to the world level, domestic output is likely to rise as companies pump more oil out of existing wells that are now uneconomical to keep on stream. The battle between Carter and the oil industry over his windfall profits tax concerns whether decontrol will also lead to increased exploration and drilling of new wells that will raise production. The President has repeatedly hit the industry with the charge that oilmen will just pocket the profits from decontrol. Even under existing price controls, however...
...would say decontrol should be accompanied by this 'plowback' provision which compels money to go into the ground to increase supplies or increase research and development," the co-founder of a Texas-based oil firm said...
PRESIDENT CARTER has no sweeping, coherent vision of a national energy policy that could inspire public support. Instead, he has fixated on decontrol of oil prices -- the quick fix of market forces, instead of the tougher job of building national policy. If indeed the energy crisis is "the moral equivalent of war," Carter should not leave the shooting up to the oil companies...