I: Pre-Smbargo Forecast Income and Weather Effects - Price Effects added to Income and Weather Effects IV: Actual 1974, President's Program 1975 I: Pre-Embargo Forecast II: Income and Heather Effects III: Price Effects added to Income and Weather Effects IV: Actual 1974, President's Program 1975-.-.-. I: Pre-Embargo Forecast II: III: IV: Income and Weather Effects Price Effects added to Income and Weather Effects 21 DEAR MR. PRESIDENT: In my State of the Union address earlier this month, I outlined the dimensions of our interrelated economic and energy problems and proposed comprehensive and far-reaching measures for their solution. The measures I described included both Executive and Congressional actions. Because further delay is intolerable, I have already taken administrative action to deal with our energy problems, including issuance of a proclamation to impose increased fees on imported oil. The Secretary of the Treasury has already presented my detailed energy tax proposals to the House Ways and Means Committee. I am enclosing a proposed omnibus energy bill-the Energy Independence Act of 1975-which, along with the tax proposals already presented, will provide the combined authorities that are necessary if we are to deal seriously and effectively with the Nation's pressing energy problems. We have delayed too long in taking decisive actions to reduce our dependence on foreign energy sources and to eliminate our vulnerability to energy disruptions such as we experienced last winter-or worse. In the near term, enactment of the proposed legislation along with certain Administrative actions would reduce oil imports by one million barrels per day by the end of this year, and two million barrels per day by the end of 1977. Over the mid-term (1975-1985), enactment of the proposed legislation will insure that domestic supplies of energy are substantially increased, that the growth in energy demand is reduced substantially and that we develop effective protection from future energy embargoes or energy emergencies. In the long term, my proposals will allow our Nation to once again supply a significant share of the energy needs of the free world. The legislative program I have proposed will: (1) encourage early development of our oil, natural gas and coal resources; (2) help speed the siting and construction of nuclear and other energy facilities; (3) reduce energy consumption by mandating thermal standards for new homes and commercial buildings and assisting persons with low incomes in winterizing their homes; (4) encourage investments in the development of new domestic energy resources; (5) establish a strategic petroleum reserve to guard against future import disruptions; and (6) authorize certain standby authorities to cope with potential embargoes or energy emergencies. |