Fiasco

by Jack Anderson Northman, James Boyd, Jack Anderson

The real story behind the disastrous worldwide energy crisis. Richard Nixon's Oilgate This description may be from another edition of this product.

• Format: Hardcover
• Language: English
• ISBN: 0812909437
• ISBN13: 9780812909432
• Release Date: January 1983
• Publisher: Not Avail
• Length: 386 Pages
• Weight: 1.67 lbs.

Customer Reviews

How Oil Dependency was Created

Jack Anderson was an investigative journalist who broke major stories of the 1970s oil crisis. James Boyd contributed to many magazines. The "energy crisis" was created by collusion to justify higher oil prices. Big Oil does not want "energy independence" because they profit from scarcity even if higher oil prices lead to a recession. The Federal Reserve (a private cartel) devalued the US dollar in 1971; this caused the "inflation" that damaged the USA. That alone explains the tenfold rise in the price of oil and the economic distress (p.ix). The authors concentrate on the price in dollars without referencing the lowered value. Higher oil prices transfer wealth to the oil-exporting nations and oil companies. Richard Nixon and Henry Kissinger were responsible for the oil catastrophe (p.xiii). The problem for the oil companies in the 1950s was to hold down production to drive up prices (p.10). Chapter 1 provides a short history of oil politics and US support (p.25). In 1968 Big Oil put their money on Nixon (p.30). Nixon's removal in 1974 saw a reduction in the oil depletion allowance. They rate politicians (p.42). Chapter 3 says US energy resources (oil, gas, coal) were greater than any demand for the next century. Foreign oil imports were cheaper (p.49). The US has one-third of the known coal supplies (p.51). The US tax code benefitted oil companies that switched to foreign imports (p.56). Laws held down natural gas development to benefit oil companies. Nixon ended controls on foreign investment, domestic oil became more expensive (p.78). The energy crisis was planned, it was not an accident (p.159). Nixon wanted a dependency on oil imports (p.163). Chapter 8 describes the economics and politics of foreign oil production. Oil companies want less production to keep prices high, oil producing countries was more production for taxes and royalties. The actions of Nixon and Carter show control by Big Oil (p.255) and higher oil prices (p.256). Nixon appeased the oil producers (p.275). Higher oil prices resulted in higher profits (p.287); consumers lost out. Nixon's policies created future energy shortfalls. The "Clean Air Act" led to a reduction in coal, price controls stifled the use of natural gas. The Naval Petroleum District in Alaska is reserved for a future World War III (p.294). Nixon's price controls managed the economy to benefit his re-election campaign (p.286). Chapter 11 notes the prices of oil increased more than four times during Nixon's terms (p.308). All Presidents have been servants of Big Oil. Kissinger worked for the Rockefellers (p.313). When Nixon left office US influence on the oil world was minimal (p.318). OPEC was able to reduce oil production below normal demand and then raise prices (p.321). This cutback forced increased efficiency for oil users. Low cost Middle Eastern oil could always undersell any competitor. France developed nuclear power for its electricity. [So did the New England states.] Nixon's price controls on oi