Word: bbl
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Levy an energy tax. This could be a twofer: it would not only help ease the budget deficit but could also reduce the trade gap by discouraging demand for imported oil. A tax of $5 per bbl. on annual U.S. imports of some 1.5 billion bbl. of foreign crude would raise approximately $7.5 billion in extra revenues. An alternative is a gasoline tax of 5 cents per gal. in addition to the current 9 cents federal levy, which would produce an extra $5 billion or so (1986 U.S. consumption: 112 billion gal.). Though energy taxes tend to be regressive, citizens...
...Iraq war. Iraq responded by curtailing air sorties against Iranian oil fields and halting strikes on tankers carrying Iranian oil. The U.S. naval presence has also discouraged Iraqi air attacks. All that has enabled Iran to boost its oil exports through the Persian Gulf from an estimated 1.5 million bbl. a day last month to an estimated 1.9 million bbl. today, greatly increasing its revenues...
Last week Iraqi oil flowed into new lines through Turkey to the Mediterranean port of Iskenderun, boosting export capacity from 1 million bbl. of oil a day to 1.5 million bbl. In April, Saudi Arabia increased the volume of Petroline, its four-year-old link between Saudi and Iraqi oil fields and the Red Sea port of Yanbu, from 1.8 million bbl. to 3.2 million bbl. In addition, plans are under way for a $2 billion Iraqi line, called IPSA-2, capable of carrying 1.6 million bbl. to Yanbu...
...other side of the war, Iran is seeking ways of bypassing its / embattled terminal at Kharg Island. Despite the project's estimated cost of $2 billion, Tehran says it is building a 1.5 million-bbl. line from its oil fields in southern Iran to the port of Jask, outside the Strait of Hormuz. Iran also announced last week a tentative agreement with the Soviet Union to ship oil to the Black Sea through a converted gas pipeline that has not been in use since...
...increasing supply of crude, however, is likely to drive the price below $20. The Organization of Petroleum Exporting Countries is now pumping 17 million bbl. a day, well above its official production ceiling of 15.8 million bbl. The consensus of energy forecasters: oil will not return to last year's $10 trough any time soon, nor will it climb to the $30-plus range that bedeviled consumers in the early 1980s...