Volume 20, Number 12 · July 19, 1973
What Is the 'Energy Crisis'?
By Emma Rothschild
President Nixon's energy policy, expounded in April and amended in each subsequent turn of economic policy, down to the imposition in June of Freeze Two, has failed so far to halt even the rhetoric of the 'energy crisis.' The President's energy message was received with judicious commendation by large and small US oil corporations. Nixon proposed the liberalization of oil imports, increased support for domestic production and refining, relaxation of controls on natural gas prices, reduced concern for environmental protection, and a new system of tax credits for oil and gas exploration. These suggestions inflated the already high price of oil stocks. The Wall Street Journal quoted the opinion of an oil analyst that 'the [unpredictedly but ambiguously munificent] tax credit was the only surprise in the energy message.'
Feature, 6430 words
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