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 21 - And this decline will continue next year. When these facts are combined with the recent reports that the Organization of Petroleum Exporting Countries (OPEC) is considering additional price increases, the picture clearly emerges that this Nation's dependence is getting worse.
Page 55 - 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. Tunney, I...
Page 23 - ... increase the vulnerability of the world to a crippling embargo by the producers. 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...
Page 24 - 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, but I still have seen no constructive alternative.
Page 24 - I still have seen no constructive alternative. We all want an easier way to reach our goals. This program does require sacrifice by all, but it is also equitable. Finally, its impacts are far outweighed by the important benefits it will achieve. I again pledge the full force and cooperation of the agency I represent in working with members of this Committee and with the Congress as a whole to implement a comprehensive and timely national energy program. Thank you.
Page 1 - The economic impact of forthcoming OPEC price rise and "old" oil decontrol; hearings before the Subcommittee ... 94th Congress, 1st session, July 10 and 14, 1975.
Page 23 - ... 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.
Page 108 - Now that it is becoming increasingly evident that the US economy is recovering from its worst post war recession it must gird itself for a new round of depressant shocks. This report will investigate the likely impact on the economy of those shocks that are likely to emanate from the energy sector of the economy...
Page 71 - ... Consumer Economics, Charles Schultze pointed out that recent energy price increases had had powerful income redistribution effects that were related to the massive recession suffered by the economy at that time: "The sudden runup in oil prices drained some $35 billion in purchasing power from America's consumers. As a consequence they had that much less to spend on buying other goods and services. The proceeds of this 'oil excise tax' ' went principally to OPEC countries and the domestic oil...
Page 23 - First, that a severe energy problem does indeed exist, and secondly, that the era of cheap and abundant fossil fuels is over. The alternatives we face must be addressed with these two facts clearly in mind.

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