Energy: a new act in a deepening drama
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), Vol. 23:10
- Country of Publication:
- United States
- Language:
- English
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Related Subjects
POLICY AND ECONOMY
ENERGY SUPPLIES
GLOBAL ASPECTS
PETROLEUM
USA
COMPETITION
ECONOMIC POLICY
ENERGY DEMAND
OPEC
PETROLEUM PRODUCTS
DEMAND
ENERGY SOURCES
FOSSIL FUELS
FUELS
GOVERNMENT POLICIES
INTERNATIONAL ORGANIZATIONS
NORTH AMERICA
OIL-EXPORTING COUNTRIES
292000* - Energy Planning & Policy- Supply
Demand & Forecasting
294002 - Energy Planning & Policy- Petroleum