Word: petroleum
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Domestically, he faulted the President for "our petroleum paralysis.' He urged gasoline rationing to reduce America's dangerous dependence or Middle East oil. Said he: "I am sure that every American would prefer to sacrifice a little gasoline rather than shed American blood to defend OPEC pipelines in the Middle East." To combat inflation, he asked for an immediate freeze on wages, prices, profits, dividends, interest rates and rents. Repeating a metaphor he had used with effect in a speech to the Democratic mid-term convention in Memphis in 1978, he concluded: "Sometimes a party must sail against...
...minimum U.S. interests in the area are obvious. Raymond Hare, a ranking U.S. ambassador in the Middle East in the 1950s, summed them up as "right of transit, access to petroleum and absence of Soviet military bases." But how willing are the countries involved to have the U.S. intervene to protect those interests? A quarter of a century ago, the U.S. tried to answer that by helping to organize a Southwest Asian defensive alliance that included Turkey, Iran and Pakistan, but the fall of the Shah last year brought the end of that alliance...
Politically, some windfall tax was necessary to make crude oil decontrol, which is helping to cut energy consumption by raising petroleum prices to the world level, acceptable to both the Congress and the public. Whatever its political virtues, the tax hardly seems geared to help meet another key energy policy goal: boosting domestic oil production to the maximum. Instead of using tax incentives to coax as much crude as possible from the ground, the compromise so far amounts to little more than a confusing grab bag of mini-taxes. The three main components...
...tertiary and heavy oil: The easiest treatment will go to petroleum that was not discovered before 1978, as well as to oil that either is so thick as to have limited value or is impossible to get out of the ground without major investments in so-called enhanced recovery techniques. There will be a 30% tax rate, on a base of $16.55, for large and small producers alike...
...rising use of trade sanctions around the world has demonstrated how economic warfare is now diplomacy by other means. Since 1973 oil producers have openly used their petroleum weapon to further their Middle East political objectives. Last year Nigeria introduced natural resources trade-offs by threatening to cut oil exports to the U.S. if the Carter Administration lifted the American boycott on chrome imports from racially troubled Zimbabwe Rhodesia. Both the possibility of other OPEC-type raw material cartels and Soviet economic retaliation against the U.S. have begun to worry the experts. Warns Harry J. Gray, chairman of United Technologies...