Word: decontrolled
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...last for six to twelve months. The experts' main dispute seems to be over the reasons for that wave. Though all agree that crop failures played a role, Brookings Institution Economist Arthur Okun cites such "self-inflicted wounds" as the Soviet grain sales and the coming abrupt decontrol of oil prices at the end of this month. Monetarists argue that the Federal Reserve's moderately easy money policy earlier this year is partly to blame...
...cushion the economic impact" of sudden decontrol, Ford announced he will remove a $2-per-bbl. tariff on imported crude and a 60?-per-bbl. fee on foreign refined products. That will cut the selling price of foreign oil to American consumers from its present $14.50 per bbl. and in effect lower the market ceiling toward which domestic oil prices could rise. If Congress overrides his veto of the controls extension, Ford has threatened to reinstate the tariff...
...further soften the blow of decontrol, the Administration last week announced it will propose a "windfall profits tax" on oil companies. Details were not spelled out, but they are likely to follow a plan approved last month by the Senate Finance Committee. That plan, which involves an excise tax on crude oil, would take away as much as 90% of the money that oil companies will get from increases in the price of decontrolled crude and return much of the cash to adult citizens through income tax credits or refunds between $24 and $85 a person each year until...
Guessing Games. The big question is how fast and how far oil prices will in fact rise and how much the increase may impede the recovery by draining away consumer purchasing power. Administration economists are increasingly sanguine. Their latest estimate is that because of decontrol the price of gasoline will rise only 3? a gallon, and the nation's total oil bill will go up only $5.3 billion over the next twelve months. Main reason for their optimism: a belief that stiff competition among oil companies resulting from a world glut of crude will keep the price increases moderate...
...sharp contrast, some political liberals, drawing on a congressional staff study, estimate that decontrol would contribute to a rise of as much as $40 billion in consumer living costs during the next year, or $400 to $800 for the average family of four. Those figures are probably too steep: they reflect guesses on how much oil increases might pull up prices of natural gas and coal and a belief that the $2 tariff would be retained, which has already been proved wrong. They also suggest a fear that higher oil prices will drive up prices of petrochemicals and many other...