Word: petroleum
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...Until the Government of the U.S. stops its idiotic support of the Prussia of the Middle East, Israel, I intend to waste as much oil and petroleum products as it is possible...
...week, in a television address to the nation, President Nixon implored Congress to create an agency that would be given much more funding than the Manhattan Project, which produced the wartime atomic bomb. The aim of this new energy research and development administration would be to develop enough domestic petroleum, nuclear, solar and other energy sources to make the U.S. self-sufficient in energy by 1980?an unlikely possibility...
...last year's total-is exempt from controls, and it is now selling for $5.60 or more per bbl. By next year it is expected by independent producers to leap as high as $8. Indeed, Texas oilmen say that they have Government assurances that price regulations on all petroleum products will soon be loosened to give oil companies greater incentive to produce...
...between 1? and 4? per gal. By winter's end the price is expected to bound up to 50? per gal. v. about 40? now. Home heating fuel could climb as high as 40? per gal., almost double its current level, and jet fuel, kerosene, propane and other petroleum products will rise proportionately. Officials of the Cost of Living Council estimate that increases in the price of oil imports alone will inject about $5 billion of pure inflation into the economy, substantially raising already oppressive living costs. And, says COLC Staffer Charles Owens: "That is just the first...
...becomes scarcer and more expensive, the economic shock waves will hit hard throughout the economy. Petroleum is a basic raw material used in many products, including chemicals, paints, plastics and synthetic textiles. Other industries-steel, aluminum, electric power-use large quantities of oil in the course of production. When petroleum supplies become pinched and prices push up, these industries may well be forced to restrict output and raise their own prices, thus putting even more inflationary pressures on the economy. The new oil crisis, says James Wall, president of Celanese Chemical Co., confronts the American economy with "probably the most...