Word: barrelers
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...they believe that the Administration's budget, even with its big deficit, will do very little in a $1.4 trillion economy to revive demand, spur production and thus begin restoring jobs. Asserts Tax Specialist Joseph Pechman: "If Congress were to adopt the Ford program lock, stock and barrel, the net stimulus today would be zero." Adds Arthur Okun of the Brookings Institution: "The entire reason for that deficit is that the economy is in terrible shape, and is knocking hell out of revenues and increasing federal expenditures for unemployment and other things." Banker Beryl Sprinkel...
Ford said he will sign an executive order this week to impose tariffs on crude oil imports--starting at $1 a barrel on February 1,going to $2 on March 1, and to $3 on April...
...fact, Project Independence has mainly yielded a barrel of complaints about equipment shortages that are delaying new production. Driller George Mitchell, head of a large Houston exploration company, voices a typical wildcatter's lament: "We've got six good prospects offshore Texas that we've had to defer for six to eight months already for lack of equipment." Another independent oilman, A.V. Jones of Albany, Texas, estimates that he could increase his company's new drilling by 50% if he had the necessary material. As it is, he says, "if all the wells...
Leslie E. Thomas, B & G utilities manager, said the $3-per-barrel tax could increase the total heating costs by as much as 20 per cent...
Again and again, the cartel formed by the Organization of Petroleum Exporting Countries raised the price of oil until it reached unprecedented and numbing heights. The producing nations' "take" from a barrel of oil, less than $1 at the start of the decade, was lifted from $1.99 before the Arab-Israeli war 15 months ago to $3.44 at the end of 1973 to more than $10 at the end of 1974. The result is the greatest and swiftest transfer of wealth in all history: the 13 OPEC countries earned $112 billion from the rest of the world last year. Because...