Business: Use Less, Pay More

Carter's new energy plan: scrap controls, raise prices and production

"This is a painful step, and I'll give it to you straight. Each one of us will have to use less oil and pay more for it."

Straight it was. When he announced his first energy policy, way back in 1977, Jimmy Carter summoned the nation to a "moral equivalent of war," which was to be fought through a highly complex program of tax incentives and other gimmicks, and focused on conservation as the key to solving the nation's twin problems of declining oil production and...

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