Word: petroleum
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...their energy program, the Democrats offer more dramatic alternatives: mandatory petroleum allocations, higher gasoline taxes with rebates in hard ship cases, steeper excise taxes on pleasure crafts and high-horsepower auto mobiles, gasoline and home-fuel rationing. The Democrats also propose establishing a new, independent agency to replace the Council on Wage and Price Stability. The agency would be empowered to issue subpoenas, hold extensive hearings, delay price increases and in selective cases impose controls...
...Federal oil reserves will be tapped to increase the U.S. strategic reserve. Elk Hills, one of seven naval petroleum reserves, will be brought up to full production now that the opposition of the House Armed
...with Middle Eastern oil producers. The U.S., which is relatively rich in energy resources and thus only moderately dependent on foreign oil, favors an adversary approach; it hopes to weld the world's most important oil users into a united front facing the 13-nation Organization of the Petroleum Exporting Countries in a long-term effort to drive down oil prices. Western Europe, which gets most of its oil from the Middle East, is wary of schemes that would anger OPEC and possibly precipitate another oil crisis. It favors a policy of cooperation, drawing OPEC into negotiations with...
Calculating future world supply and demand, OECD economists have developed models showing the purely economic effects of keeping oil at three different price levels: $10.80 per bbl., which is roughly the current world price as dictated by the Organization of Petroleum Exporting Countries; $7.20 per bbl., a rate regarded as "fair" by many Western economists; and $3.60 per bbl., which is what the cost might have been today if OPEC had not been raising prices unilaterally since the 1973 Middle East war. Among the projections...
...shortages will surely work themselves out in time, of course, but time can cost billions. The National Petroleum Council estimates that, were it not for equipment shortages, 2,200 more new wells would have been drilled during 1974. Within two years, those missing wells might have increased U.S. production by as much as 700,000 bbl. a day-enough to replace 70% of the oil that President Ford wants to cut out of the country's imports...