Portrait of a Federal Fiasco

The Synthetic Fuels Corporation is mired in mismanagement

In the dark days of the Iranian Revolution in 1979, Jimmy Carter left a week-long retreat at Camp David with a plan to free the U.S. from its bondage to OPEC oil. He proposed creating an $88 billion Energy Security Corporation that would encourage alternative energy projects, primarily through loan and price guarantees. The ambitious goal to produce the equivalent of 2.5 million bbl. of oil per day by 1990. When Carter signed the Energy Security Act on June 30, 1980, he declared, "The keystone of a national energy policy is finally being put...

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