Date of Original Version
Abstract or Description
There are two main problems in the oil or energy situation. First, we don't know, yet, what the Arabs will do. Second, we don't know what we will do if the Arab response changes. In fact, we don't know yet what we are going to do. The firing of Love and his replacement by Simon is, I believe, a constructive move. It is now clear that the administration (or Simon's) plan is to provide fuel for industry by cutting back on consumers. No gasoline rationing is planned until spring, and the decision to ration is said to depend on our success with the Arabs. Some price increases will be permitted. This is better than the vacillating and uncertainty under Love.