Word: galbraithe
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...land is estimated to contain 2000 billion barrels of oil equivalent, or about 25 times the amount produced in the entire history of this country. Galbraith stressed that the government must be particularly cautious in the disposition of such a valuable publicly owned resource...
Shale oil lands are at present owned by several companies, Galbraith noted, and thus "are being deterred not by government ownership of other land, but because of the costs of development...
John Kenneth Galbraith, Paul M. Warburg Professor of Economics, has urged in a report to Secretary of the Interior Stewart Udall that oil shale lands in Colorado, Wyoming, and Utah, not be leased to private companies until further knowledge of their value is available...
Since the costs of development and production are still unknown and since the recovery value of oil in the land can only be estimated, Galbraith asserted that leasing the land to private companies now would be "dispersing public property while wearing multiple blindfolds...
...member committee includes leaders of business, labor, and education. Galbraith described it as a "statutory group advising the President on all aspects of the anti-poverty program...