By Michael J. Graetz

Americans take with no consideration that after we turn a swap the sunshine will pass on, after we occur the thermostat the room gets hot, and once we pull as much as the pump fuel might be ample and comparatively reasonable. in spite of everything of power, Michael Graetz indicates us that we've got been dwelling an power myth for 40 years. till the Seventies, we produced regionally all of the oil we would have liked to run our energy vegetation, warmth our houses, and gas our vehicles. on account that then, we've needed to import lots of the oil we use, a lot of it from the center East. And we depend on an excellent dirtier fuel—coal—to produce half our electrical energy.

Graetz describes greater than 40 years of strength coverage incompetence and argues that we needs to make higher judgements for our power destiny. regardless of millions of pages of power laws because the Nineteen Seventies (passed by means of a Congress that tended to raise slim parochial pursuits over our nationwide goals), american citizens have by no means been requested to pay a value that displays the true expense of the strength they devour. till american citizens face the proof approximately rate, our strength incompetence will continue—and besides it the unraveling of our surroundings, defense, and independence.

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Ford had little success in persuading Congress to adopt his ideas for addressing energy policy. But he certainly understood what the problem was. ” Frank Ikard, who headed the politically powerful American Petroleum Institute, was even more dramatic. “We will have to adopt a whole new way of life,” he said. ” But, like announcements of Mark Twain’s death, that claim was premature. Frank Zarb, whom Ford appointed to head the Federal Energy Administration and who would be Ford’s “energy czar” throughout his presidency, said in retrospect that everything the Ford administration did—what he called the “five pieces” of energy policy—“coal, natural gas, nuclear power, oil, and conservation”—were designed to reduce the nation’s dependence on foreign oil.

Sadat hoped the United States would pressure Israel into concessions in negotiations, but by 1973 he decided that war was the only option. Early in 1973, Saudi Arabia’s King Faisal ibn Abdul Aziz, whom Sadat had told about his audacious plan to attack Israel, began warning the Nixon administration that Saudi Arabia and other Arab nations would use the oil weapon if Washington failed to force Israel to return Arab land it had been occupying since the 1967 Arab–Israeli War. Throughout 1973, King Faisal—supposedly a great friend to the United States—threatened to halt oil shipments to America if the latter’s policy failed to become more even-handed between Israel and the Arab nations.

S. market was not an available alternative. This confluence of factors led to vigorous price competition that produced a decline in the price of Middle East oil throughout most of the 1960s. In Rotterdam, Netherlands, for example, the wholesale price of gasoline was seven cents a gallon in the spring of 1960 and five cents a gallon in the spring of 1970, notwithstanding overall price inflation during this period. S. S. protectionism, but even they felt pressured by the competition. The other oil-producing Middle East nations also felt the effects of the rising output and sales of Libyan oil throughout the 1960s.

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