Word: petroleum
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...realized that in order to stimulate American production and encourage conservation, our domestic prices would have to rise, but in a predictable and orderly fashion, so that consumers of petroleum products would be protected from unreasonable fuel bills issued by an uncontrolled semimonopoly. Also, the unearned profits from higher prices needed to be shared with the consuming public...
...nothing exhilarating or pleasant. It was a bruising fight, and no final, clear-cut victory could be photographed and hung on the wall for our grandchildren to admire. The results will have to speak for themselves; they are already doing so. Our Administration left the country with petroleum inventories at record levels, a natural gas surplus and a fair distribution system for it, more exploration under way for new petroleum than at any time in history and an orderly plan for eliminating unnecessary federal restraints. The rate of growth of domestic coal production doubled, and oil imports and even total...
...with the stabilization of oil prices and disarray of the Organization of Petroleum Exporting Countries (OPEC) came a return to complacency. Americans are in the process of forgetting all they learned about energy conservation. Yet convincing signs--including a recently released repot by the International Energy Agency (IEA) indicate that a new oil crisis may develop by the end of the decade that would "deal a devastating blow" to major industrialized countries...
...worse, the putrid smell of hydrogen sulfide often hangs over the area like vapor from a truckload of rotten eggs. The culprit is not a leaking oil well, but nature. The ocean floor is spilling large quantities of oil and natural gas through fissures that geoloists call seeps. Says Petroleum Geologist Robert Gaal of the California State lands commission: "There are thousands of them down there. It's like a sieve...
...conditions imposed on Mexico will not help the country recover. In fact, quadrupling exports to America in 12 months and lowering petroleum prices will further dissolve Mexico's crucial oil income. And the huge debt has not been reduced, just drawn out over a longer period...