Word: bbl
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Dates: during 1970-1979
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...Hills, Calif., and Naval Petroleum Reserve No. 4 in Alaska, and set up a board to coordinate and accelerate development on the continental shelf, perhaps through a Government-assisted consortium of several companies. Jackson considers Ford's immediate goal of cutting U.S. oil imports by 1 million bbl. per day to be unrealistic. Some conservatives regard Jackson's energy program as inimical to the free enterprise system...
Kissinger's floor plan was submitted to the Paris-based International Energy Agency last week by Assistant Secretary Thomas Enders. IEA officials were noncommittal. Neither Kissinger nor Enders has said publicly where the floor might be. The level most often mentioned in Washington is $7 or $8 per bbl. That is far above the $2.65 import price that prevailed before the Arab oil embargo of October 1973, but it is also $3 to $4 below the $10.80 per bbl. basic price currently dictated by the 13-member Organization of Petroleum Exporting Countries...
...weeks ago Ford, with a stroke of the pen, raised the tariff on imported oil by $1 per bbl. as the first step of an increase that would reach a maximum of $3 per bbl. on April 1. Democrats thought that they had the perfect riposte to this presidential assertiveness. The liberals on Ways and Means adopted a bill postponing the tariff hike for 90 days. Then they linked the measure with a boost in the national debt ceiling that the Administration had sought in order to finance its ballooning deficit (see box). The Democrats reasoned that Ford could...
...conservative Democratic votes in the Senate to prevent an override of his veto of the tariff deferral. Even if they lacked the necessary votes, Republicans were prepared to filibuster and try to pick up enough support to prevent cloture. Ullman felt that the Democrats could live with the $1 bbl. oil increase if the President would hold off on the subsequent hikes...
Democrats began to take a more relaxed view of the President's program. "Why adopt draconian measures?" said one Senate aide. "There's no magic in a 1 million-bbl.-per-day oil cutback that would deflate the economy and shoot up unemployment. There has still been no coherent, clear explanation why we should put on this hair shirt." Said Democratic Whip Robert Byrd: "Let's take first things first-let's stop the recessionary slide, create jobs, cut taxes." Similar advice came from the citadel of conservative economic policy. Arthur Burns cautioned: "The President...