Word: petroleum
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Such scrambles ashore have been interpreted as possible rehearsals for a U.S. invasion of Middle East oilfields in the event of petroleum "strangulation." Sixth Fleet commanders deny that the exercises are anything more than routine. They point out that the amphibious force, after all, is only large enough to "go ashore to protect an embassy" in case of trouble...
...control each month; over two years or so its price would presumably shoot up to the world price of about $11 per bbl. Zarb estimates that decontrol would eventually add about 5? per gal. to the price of gasoline. The prices of heating oil, industrial fuel and all other petroleum products would be pushed up too. Senator Jackson figures that decontrol would ultimately add $250 a year to the energy bill of a typical U.S. family...
...just on details but in their philosophical approach to the problem of holding down imports and making the U.S. less dependent on foreign crude. The President would like to rely almost exclusively on higher prices and taxes to dampen demand for oil and encourage production of more domestic petroleum. Generally, the Democrats favor reducing fuel consumption by conservation measures and some form of Government allocation. But the Democrats are so deeply divided on the best mix of measures that their progress toward drafting any energy legislation has been tortuously slow...
...much as 20? more could be added in April 1977 if gas consumption climbs 3% or more above the 1973 level. The committee is still struggling to find agreement on import-quota levels, a windfall-profits tax for the oil industry and a levy on industrial petroleum use. Last week, to Ullman's discomfort, the committee voted down several proposals to place stiff taxes on the sale of gas-guzzling cars. The House commerce subcommittee has been even more bogged down. Among other things, it has yet to decide how, or even whether to approve a plan that would...
...Europe wants to do business with the Middle East. When the price of oil for the nine nations of the Common Market leaped by $25 billion a year ago, the Continent nearly panicked. Recycling petrodollars-that is, borrowing money back from the oil producers to buy yet more petroleum from them-was clearly a stopgap. Europeans soon realized that the only solution was to pay for the oil by selling more goods and services to the oil-exporting nations, but many economists were afraid that the mostly pre-industrial producing countries simply could not buy in sufficient volume...