SHIPPING: A Costly Passage

Congress is poised to approve a measure that could add millions of dollars to America's energy bills over the next decade and deal a great blow to free trade—all to help out the politically powerful shipbuilders and maritime unions. The Energy Transportation Security Act would require that by 1977 30% of the nation's oil imports be carried in tankers that are built in the U.S., fly the U.S. flag and employ American sailors. Because such ships cost much more to build and operate than foreign vessels, almost no imported oil is carried in them now. Indeed, to meet the...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!