Word: bbl
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Dates: during 1970-1979
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...thermal efficiency standard will be set for all new residential and commercial structures. If builders or home buyers seek any kind of federal financing, they will have to install standard insulation, weather stripping, storm windows and doors and caulking. Potential savings in oil consumption by 1977: about 120,000 bbl. a day. By 1985: 2.3 million bbl...
Another apparent casualty of the Colorado talks was an arbitrary ceiling on imports of foreign oil, which is now flowing into the U.S. at a rate of 7.3 million bbl. a day. The experts found that such a limit not only would bring back the long lines at the gas pumps but would worsen the current economic downturn. Administration predictions show that a "cap" holding oil imports to 1 million bbl. a day would gouge as much as $25 billion out of the gross national product and add upward of 400,000 to the unemployment rolls within a year...
IMPORT TARIFF. Citing a national security clause in the 1962 Trade Expansion Act, Ford could slap a tariff of $1 to $3 per bbl. on already costly foreign oil. Most of that oil goes to the Northeastern states, where it heats 30% of the homes and fuels 90% of the oil-fired generating plants. To ease the economic impact on those states, the Administration would spread the higher crude-oil costs around the country through the current equalization program. In effect, Western refineries with easy access to "old" domestic oil, selling at a controlled price of $5.25 per bbl., would...
...most of the excise tax revenues (estimated at $10.5 billion a year) would be returned to the low-and middle-income fuel users who would be most hurt. Within a year, Administration economists say, the tax on oil alone would reduce daily consumption by 750,000 to 800,000 bbl...
PRICE DECONTROL. The Administration will pair its request for excise taxes with a plan to strip away all controls on crude-oil and natural-gas prices. Thus the cost of old oil would float up from $5.25 per bbl. to the world market price, now about $11. Interstate natural gas, now controlled at 28? per 1,000 cu. ft., would be allowed to rise to uncontrolled levels of intrastate gas, now about $1.25. The resulting surge in oil-and gas-company profits would be cut by a special "windfall profits" tax; it would be channeled back to fuel users...