The Economic Impact of Forthcoming OPEC Price Rise and "old" Oil Decontrol: Hearings Before the Subcommittee on Consumer Economics of the Joint Economic Committee, Congress of the United States, Ninety-fourth Congress, First Session, July 10 and 14, 1975

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Page 76 - OPEC nations, that the situation for the economy does indeed look grim. [The prepared statement of Mr. Evans follows :] PREPARED STATEMENT OF MICHAEL K. EVANS* When I was teaching Economics 1 many years ago, we sometimes gave multiple choice exams.
Page 64 - The hearing will come to order. This is the second day of hearings before the Consumer Economics Subcommittee of the Joint Economic Committee on the impact of the administration's energry policies.
Page 32 - Congressman Brown of Ohio. Representative BROWN of Ohio. Thank you, Mr. Chairman. Mr.
Page 50 - ... proposition. Mr. TUNNEY. What I do not understand is you testify here that they have got a procedure that they can go to the Court of Claims, and you say that if the Court of Claims Commissioners find in their behalf, you are still going to reserve your judgment as to whether or not you are going to make a recommendation to the President of the United States that he veto the legislation. Mr. WEINBERG. Mr.
Page 16 - ... $13.30 in 1977. and $19.15 in 1978. The percentage increase for those years are 6.2, 8.0, and 11.5. Higher gas prices potentially increase the prices of a number of other goods and services. However, the overall effect on the Consumer Price Index and the Wholesale Price Index is expected to be minimal. If new gas prices for gas sold interstate are not deregulated, the effect on the Nation will be extremely serious and deleterious to the achievement of critical national goals.
Page 16 - ... be taken today to alleviate the severe supply-demand imbalance. . . . Federal regulation has played a major role in inhibiting the ability of the industry to locate, develop and deliver needed gas supplies.
Page 29 - Kased upon this estimated change, the total cost per household of decontrol and the fees is $190 and the indirect effects are about $66 per household. It is important, to emphasize that the estimated consumer costs shown here are based upon the assumption that all of the import fees will be passed on to consumers. Recent data show that it is unlikely that all of the increased costs will be passed through (see "Analysis of the Congressional Research Service Estimates of the $2 Import Fees and Phased...
Page 16 - The Arab embargo of 1973 resulted in a significant drop in our gross national product and the unemployment of perhaps one-half million members of our labor force. Yet today, even more of our imports are coming from Africa and the Middle East than did a year ago. Now over half of our petroleum imports come from sources outside of the Western Hemisphere. And, unless we do something, this dependence of African and Middle Eastern sources will continue to grow.
Page 17 - The program the President put forward is a comprehensive one. It will reach the goals the President set forth and which I think the American people want. I have heard much talk and criticism in recent weeks on elements of it.
Page 16 - ... for two reasons. First, interstate gas is sold under contracts of 15 to 20 years. In 1975, only about 8 percent of these contracts would be negotiable at the new deregulated price. By 1980, the proportion of new contracts would still be only 40 percent.

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