Energy: a new act in a deepening drama

Journal Article · · Orange Disc; (United States)

OSTI ID:5682242

McAfee, J

Gulf Chairman McAfee feels that the US, and the world, are moving into a new and ever-more-serious act in the global energy drama. He says that the energy problems that have been mounting since the 1973 to 1974 oil embargo are bigger and more unsettling today than ever before. The dimensions of the situation have deepened and symptoms of the new phase are: (1) chronic worldwide oil shortage of 2 million bbl/day; (2) particularly short supply of light crude; (3) continuing upward price trend for crude; (4) projections of even tighter gasoline and home-heating oil availability; (5) ripple effects of higher fuel prices felt across broad sectors of the US economy; and (6) increased international tensions over fuel-supply competition. After pointing to the extensive energy resources of the US, Mr. McAfee says the bottom line of the challenge is pricing - and that if the nation is to tap its remaining oil and gas and accomplish the transition to increased use of alternate energy forms, energy prices must rise high enough to finance the huge investments needed. He feels that President Carter's diversion by government of capital accruing from decontrol will be a study in contradiction. Ultimately, he says, it is up to the American people to decide whether they will do those things necessary to have energy.

• OSTI ID: 5682242
• Journal Information: Orange Disc; (United States), Journal Name: Orange Disc; (United States) Vol. 23:10; ISSN ORADA
• Country of Publication: United States
• Language: English

Related Subjects

29 ENERGY PLANNING, POLICY, AND ECONOMY
292000* -- Energy Planning & Policy-- Supply
Demand & Forecasting
294002 -- Energy Planning & Policy-- Petroleum
COMPETITION
DEMAND
ECONOMIC POLICY
ENERGY DEMAND
ENERGY SOURCES
ENERGY SUPPLIES
FOSSIL FUELS
FUELS
GLOBAL ASPECTS
GOVERNMENT POLICIES
INTERNATIONAL ORGANIZATIONS
NORTH AMERICA
OIL-EXPORTING COUNTRIES
OPEC
PETROLEUM
PETROLEUM PRODUCTS
USA