As a result of actions my Administration and the Congress have taken over
the past four years, our country finally has a national energy policy:
Under my program of phased decontrol, domestic crude oil price controls
will end September 30, 1981. As a result exploratory drilling activities
have reached an all-time high; Prices for new natural gas are being
decontrolled under the Natural Gas Policy Act--and natural gas production
is now at an all time high; the supply shortages of several years ago have
been eliminated; The windfall profits tax on crude oil has been enacted
providing $227 billion over ten years for assistance to low-income
households, increased mass transit funding, and a massive investment in the
production and development of alternative energy sources; The Synthetic
Fuels Corporation has been established to help private companies build the
facilities to produce energy from synthetic fuels; Solar energy funding has
been quadrupled, solar energy tax credits enacted, and a Solar Energy and
Energy Conservation Bank has been established; A route has been chosen to
bring natural gas from the North Slope of Alaska to the lower 48 states;
Coal production and consumption incentives have been increased, and coal
production is now at its highest level in history; A gasoline rationing
plan has been approved by Congress for possible use in the event of a
severe energy supply shortage or interruption; Gasohol production has been
dramatically increased, with a program being put in place to produce 500
million gallons of alcohol fuel by the end of this year--an amount that
could enable gasohol to meet the demand for 10 percent of all unleaded
gasoline; New energy conservation incentives have been provided for
individuals, businesses and communities and conservation has increased
dramatically. The U.S. has reduced oil imports by 25 percent--or 2 million
barrels per day--over the past four years.