Word: petroleum
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Dates: during 1970-1979
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...moved the U.S. Government to counter the energy threat by taking dramatic action to conserve oil. Not only does the trauma in Tehran threaten at any moment to choke off deliveries of nearly 3 million bbl. of crude per day to an oil-thirsty world, but it increasingly jeopardizes petroleum supplies throughout the Middle East. U.S. Government officials calculate that a widespread upheaval in the Persian Gulf could quickly cut U.S. imports by 4 million bbl. per day, or more than 22% of total consumption. On another front, the 13-nation OPEC cartel, which has raised petroleum prices by some...
...that would result from a 50? per gal. tax would pay important dividends both domestically and internationally. In the U.S. it would amount to an immediate and forceful warning to all Americans that energy conservation is now a national imperative. Overseas it would help loosen the world market for petroleum, make it at least somewhat more difficult for OPEC to raise prices, reduce prices on the spot market and send a signal to the U.S.'s increasingly skeptical allies that the nation is exercising leadership to curb energy use. Even with a 50? tax, Americans would still have...
...economy and into the bank accounts of foreign oil exporters. The price rise will help slow the consumption of gasoline still further, of course, but the inflationary impact will quickly spread throughout the whole economy, since crude oil price increases affect not just automotive fuel but all petroleum products. Enacting a gasoline tax would not only slow consumption while providing less inflationary pain, but would also soften the impact on the economy of future cartel price increases because less foreign oil would be entering...
...long term, it is vital to move forward rapidly to develop every alternative energy source, from coal and shale to wind, waves and the sun. Meanwhile, conservation of existing supplies is indispensable, and politicians would do well to face the issue. Concludes Milton Lipton, president of the leading petroleum advisory firm of Walter J. Levy Consultants: "Despite the inevitable inequities of either steep taxes or rationing, there comes a time when you have to say, 'Damn the torpedoes and full speed ahead.' I cannot think of a better time to ask the American people to accept either...
...Frank Tivan, associate director of the Massachusetts Petroleum Council, said last, week offshore operations in the North Sea, Alaska and the Gulf of Mexico were proof that drilling does not damage the ocean environment. "The catch of fish in the North Sea has increased four times. Rigs didn't impede the fishing industry," Tivan said...