On April 5 of this year President Jimmy Carter addressed the Nation on energy. After a brief introduction the President said:“Federal government price controls now hold down our own production and encourage waste and increase dependence on foreign oil.”The President then went on to say:“–I have decided that phased decontrol of oil prices will begin on June 1 and continue at a fairly uniform rate over the next 18 months. The immediate effect of this action will be to increase the production of oil and gas in our own country.”
The Role of the Economist in Natural Resources Policy