Word: gal
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Dates: during 1970-1979
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...there was a small glimmer of hope in Washington last week. Showing welcome signs of moving more directly and forcefully to curb energy use, the White House was considering a high federal excise tax on gasoline, perhaps as much as 50? per gal...
...this year, the fuel still accounts for just under 40% of the 18 million bbl. of oil that the U.S. burns each day. The Administration estimates that an immediate 50? boost in the cost of gasoline, which now sells at an average for all grades of $1.04 per gal., would cut consumption by 7%, the equivalent of about 500,000 bbl. of crude...
...consumption of the size that would result from a 50? per gal. tax would pay important dividends both domestically and internationally. In the U.S. it would amount to an immediate and forceful warning to all Americans that energy conservation is now a national imperative. Overseas it would help loosen the world market for petroleum, make it at least somewhat more difficult for OPEC to raise prices, reduce prices on the spot market and send a signal to the U.S.'s increasingly skeptical allies that the nation is exercising leadership to curb energy use. Even with a 50? tax, Americans...
...were recycled to consumers, as the various Administration proposals recommend. But the impact on consumer prices would be severe. A full 2.4 points of the nation's current 13.1% inflation rate is traceable directly to increases in gasoline prices this year. Tacking another 50? a gal. onto fuel costs by most estimates would add three or four points more to the consumer price index next year...
...already the headquarters for 483 of the 587 oil and gas companies that have main offices in the country. It is not hard to spend $250,000 for a four-bedroom house, but heating bills in Alberta average only $27 a month, and gasoline sells for 53? a gal. Thanks to energy royalties, Alberta is Canada's only province with no sales or gasoline taxes. Its property and income taxes are the lowest of any province; for a family of four earning $17,000, the overall tax burden is $912 a year, vs. $2,130 in Quebec...