Word: bbl
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Dates: during 1970-1979
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...with Congress on another matter. To avoid what he called "a time-wasting test of strength," the President made a deal with the Democrats in which they agreed not to try to override his veto of legislation that would have postponed for 90 days his three-stage, $3-per-bbl. hike in the tariff on imported oil. In exchange, Ford postponed for 60 days two-thirds of the increase-halting the $1 that took effect on March 1 and putting off the $1 scheduled for April 1. Still in effect is the $1 that has cost oil importers an estimated...
...down with Ford in the Cabinet Room of the White House to propose a face-saving compromise. They hinted rather broadly that they were willing to let his veto stand I in exchange for a 60-day delay of two-thirds of the tariff increase-the $1 per bbl. that took effect at the end of last : week and the $1 scheduled for April 1. Ford would be left, however, with the $1 boost that took effect on Feb. 1. He promised to decide by early this week whether to accept a compromise or press on with the showdown over...
...programs were far apart in many ways. President Ford's program is ex pensive, tough and urgent: it calls for a combination of tariffs, excise taxes and deregulation of domestic-oil and natural-gas prices in order to raise energy costs enough to force a 1 million-bbl.-per-day reduction in oil imports by the end of the year. One main aim: to in crease economic pressure on the OPEC oil cartel by encouraging stringent energy conservation efforts in other oil-consuming countries...
...energy conservation over the long term but avoid any action on the price or availability of oil that might damage prospects for a turnaround in the U.S. economy. The Wright-Pastore conservation target is exactly half as ambitious as Ford's-an oil-import reduction of 500,000 bbl. per day in the first year...
...welcome casualty of the decline in tanker rates is the as much as $2 per bbl. premiums that the Algerians and Libyans had been able to tack on to their oil price because of the proximity of their wells to European markets; with the drop in rates they have had to cut their premiums to remain competitive with more distant oil countries. Still, the prime beneficiary of the bust may be the oil-producing states. Long intent on acquiring fleets of supertankers, they may soon be able to do so on the cheap...