Bibliographic Citation
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Title | Washington`s energy mess: after ten years of Federal meddling in the oil business, we`re over a barrel |
Creator/Author | Sawyer, J. |
Publication Date | 1980 Sep 01 |
OSTI Identifier | OSTI ID: 6651056 |
Other Number(s) | CODEN: IMAGD |
Resource Type | Journal Article |
Resource Relation | Inquiry Mag. ; Vol/Issue: 3:15 |
Subject | 294002 -- Energy Planning & Policy-- Petroleum ;021000 -- Petroleum-- Legislation & Regulations; ;ENERGY POLICY-- PETROLEUM INDUSTRY;PETROLEUM INDUSTRY-- ENERGY POLICY; DEREGULATION;GOVERNMENT POLICIES;PUBLIC POLICY;REGULATIONS |
Related Subject | GOVERNMENT POLICIES;INDUSTRY |
Description/Abstract | New regulations in response to a 1970 call for decontrolling the petroleum industry encouraged foreign production and imports while discouraging domestic exploration.^The oil industry was strong enough to profit from government programs, but not enough to prevent pervasive interference in its operations and investments.^The result has been supply disruptions and more dependence on foreign oil.^The price control system operating during the 1970s had no provision for inflation and was biased toward refineries having access to domestic crude oil.^This led to an entitlements program that modified competition further.^A review of these and other programs, such as the mandatory crude-oil buy/sell program, shows how they altered the relationships between suppliers and buyers.^The 1980 Windfall Profit Tax continues a decade of favoring foreign production, reflecting public aversion to true decontrol, and a public addiction to Federal intervention.^(DCK) |
Country of Publication | United States |
Language | English |
Format | Pages: 18-21 |
System Entry Date | 2001 May 13 |
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