Business: The Fight to Tax Big Oil

Carter's decontrol and windfall plans stir a storm in Congress

As gasoline nudged toward $1 per gal., and growing numbers of service stations around the country rationed sales to $5 or less per customer, Congress began battling over Jimmy Carter's plan to raise fuel prices still higher. Already the strategy is drawing heavy fire from left and right for being everything from a giveaway to Big Oil to a bureaucratic interference with private business to a dangerous new fuel for inflation.

The sharpest attacks are against the package's two most important parts. They are to phase out domestic oil price controls beginning in...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

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