Word: decontrolling
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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...
Jimmy Carter's decision to decontrol the price of oil two years before it was legally mandated may have been the single biggest mistake of his tenure as president. Carter swam into the presidency / spouting populist rhetoric. He's still spouting, but his actions belie his words. On the issue of oil prices, he has flipped and flopped like a fish on the oil industry line...
...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...
...President's broadside was recklessly inaccurate, and embarrassed White House staffers had to rush to issue "clarifications," The trillion dollars, a White House aide explained, is actually the amount of additional oil revenues-not profits-that the companies will receive as a result of decontrol of domestic crude oil prices over the next ten years. What Carter meant to say, the aide insisted, was that the Senate version of the windfall tax bill will leave the industry with $130 billion more in profits from decontrol than the House measure. Other aides meanwhile tried to downplay and defuse the remarks...