Word: crude-oil
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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...
Greenspan entertains no fanciful notions about what he can accomplish in his new advisory role. "I'm not sure what can or has to be done," he says with characteristic candor. But he does know that a drop in crude-oil prices would do wonders to ease world financial imbalance. And, as a sharp foe of controls, he enthusiastically supports the Administration's anti-inflationary policy of laissez-faire. He will press hard for reduced Government spending aimed at balancing the budget in fiscal '76. To Greenspan, budget deficits are the incendiary fuel of inflation; they force...
Forecasting the future of world crude-oil prices is one of the riskiest ventures in the whole realm of economic prediction. The questions involved go far beyond economics. Can the oil-producing nations continue to hold together as a cartel? How much and how quickly will they extend national ownership of the multinational oil-company affiliates pumping on their lands? Is a lasting peace likely in the Middle East, or might renewed fighting lead to a reimposition of the Arab oil embargo? Despite all these puzzlers, top U.S. economists now agree on two conclusions: barring war or other disaster...
Washington's crude-oil allocation program has aggravated the trouble. Under it, all refineries are supposed to get enough crude to operate at 76% of capacity. Companies that have more must sell the "excess" at controlled prices to competitors who are short. The intent of the program was to equalize the amount of fuel available to refineries, protect smaller companies with no crude resources of their own and ensure steady production around the country. When the program took effect on Feb. 1, many small-and medium-sized refiners with inadequate crude supplies stopped trying to buy oil abroad...
...officials privately concede that the crude-oil allocation plan, which was ordered by Congress, has been an "unmitigated disaster." Simon last week called on Congress to suspend the program for 90 days to allow time to amend the system. Such a move would temporarily enable the majors to keep all the oil they import for themselves and should persuade them to step up imports. One possible change in any new allocation plan: only small refineries turning out no more than 30,000 bbl. per day would be permitted to buy from companies in the U.S. That limitation would probably satisfy...