Word: bbl
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Dates: during 1970-1979
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...President will start by using his power to impose a $1-per-bbl. tariff on imported petroleum beginning Feb. 1, then raising it to $2 on March 1 and $3 on April 1. He also will ask Congress to enact a $2-per-bbl. tax on U.S.-produced crude, and an equivalent amount?370 per 1,000 cu. ft.?on natural gas piped across state lines. If and when Congress agrees to that, the tariff on foreign crude would drop back to $2. Finally, Ford plans to remove all price controls on domestically produced oil on April...
...Alaska; amending the Clean Air Act and other legislation to enable utilities to burn more coal; enacting heat-saving standards for all new buildings; budgeting more federal money for energy research and development. He set a list of specific goals to be achieved by 1985: production of 1 million bbl. per day of synthetic fuels and shale oil; construction of 150 "major" coal-fired power plants, 30 new refineries and 20 synthetic-fuel plants, in addition to the new nuclear plants and coal mines. Picking a rare hero for a Republican President, Ford compared his goals to Franklin D. Roosevelt...
...they also could do just the opposite: they could take Ford's program as vindication of their past price increases and raise prices higher yet. Some Arab governments are willing to cut production in order to maintain prices; Kuwait last week reportedly decided to reduce output by 500,000 bbl...
...with Ford's energy program in hopes of moderating its inflationary impact. But if, through some legislative miracle, the taxes, tariffs and decontrol measures are enacted as they are now proposed, the average price of crude oil in the U.S. will take a substantial leap from $9 per bbl. to $13. The Federal Energy Administration estimates that the average price of heating oil would rise from the present 38? per gal. to a maximum of 48?, and a gallon of gasoline could race up from its present price of 52? to as high...
...have perceptibly added to the January chill in a region where 71% of all homes are heated by oil-burning furnaces and 70% of electricity is oil-generated. In a second winter of discontent over soaring oil and gasoline prices, New Englanders are aghast at the proposed $2-per-bbl. tariff on imported oil. "This isn't leadership," said Lawson Ramsdell, a building custodian in Portland, Me. "I don't think Mr. Ford knows where he is going...