Word: decontrolling
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Dates: during 1970-1979
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...speeches, Bush takes standard conservative positions. He wants to limit federal spending and to reduce regulations, while cutting taxes in ways to increase investment. He favors decontrol of energy prices and wants a windfall profits tax on the oil companies with a "plow-back" provision to encourage research and exploration. In foreign affairs, Bush says he would take strong stands against what he calls the Soviet Union's "very aggressive quest for hegemony...
...steep rise follows an unexpectedly sharp decline earlier this year. Then, the major oil companies and the nation's 12,000 independent smaller operators, who account for about 80% of all drilling, were putting off new exploration. Major reason: uncertainty over the decontrol of oil prices and new natural gas pricing regulations. The turning point came in June when crude began to be decontrolled. Oil from wells "newly discovered" after Jan. 1, 1979, began to sell at $28.81 per bbl. delivered to the refinery, rather than the artificially controlled price of $13.86. The additional oil from older wells produced...
KENNEDY HAS LED opposition to oil price decontrol. When Carter decided on decontrol, Kennedy criticized him for failing to make his decision conditional on a strong profits tax. Recently, he has said that Carter should veto a weak tax and reimpose controls. He has taken these positions on the grounds that decontrol is not needed to spur new exploration, and that there are more equitable and efficient ways to encourage conservation...
...would do all in his power to stop them. At that time, he proposed a crude oil equalization tax, which would have taxed all profits oil companies gained from a loosening of price controls. When the measure failed to pass, he switched to the Republican solution--oil price decontrol. He did not, as he should have, make his decision to decontrol oil prices conditional on a strong windfall profits tax. Nor did he push for legislation requiring the oil giants to invest the billions they will gain from his decontrol decision in energy development. (The Senate-passed windfall profits...
Last spring, Kennedy introduced legislation prohibiting the 16 largest oil companies from acquiring any company with assets of more than $100 million. And he has also correctly pointed out that the hundreds of billions the oil companies reap from decontrol will tighten their political squeeze on Congress and the nation's energy future...