Word: decontrolling
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Dates: during 1970-1979
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Most of the trumpet calls came from Carter's own party. The House Democratic Caucus repudiated Carter's oil decontrol plan, and House liberals joined Republicans to vote down the proposed federal budget (a vote that was rescinded the next day). Five Democratic Congressmen publicly announced they would not support Carter's renomination and charged that he had "abandoned the promises and hopes of his own campaign." Four of them announced support for the drafting of Senator Edward Kennedy, an idea that Kennedy is doing increasingly little to discourage. A poll released last week showed him beating...
...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...
...that Congress needs any such incentive. Having rejected Carter's conservation and stand-by gas rationing proposals, the legislators are now rebelling against his plan to phase out price controls on domestically produced crude oil beginning in June. Carter decided on decontrol in the hope that higher prices would both discourage consumption and stimulate production-and also in the belief that Congress wanted to end controls...
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...
...windfall profits tax should include deductions for money spent directly on oil exploration and oil development, but nothing else, since the prime purpose of the new decontrol program is to increase America's oil supplies...