Word: importance
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Dates: during 1970-1979
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...then approved by a 30-to-l vote a resolution calling for a more voluntarist program. Minnesota Democrat Wendell Anderson added his voice to the protests of the Northeastern Governors, who oppose the tariff increase because of their region's heavy dependence on foreign oil. "The $3 import tax would have a disastrous effect on Minnesota," said Anderson. "One-half of our fuel comes from Canada, and from 60% to 80% of the state heats homes with heating oil. The price of nitrogen fertilizer would increase by $16 a ton. So the price of food is bound...
...imminent tapping of North Sea oil and gas for the dawning of a bright new day. Prime Minister Harold Wilson jokes: "There is speculation which member of the Cabinet will become chairman of OPEC in the 1980s." Chancellor of the Exchequer Denis Healey says that Britain's petroleum import needs will be halved by 1977 and eliminated within five years...
...French and Italian aluminum companies that mine the West African country's immense deposits. The tax follows the precedent set by Jamaica last spring, when it increased taxes and royalties on its bauxite by 800%. Guinea plans to use the $40 million to help offset the higher oil-import costs that are squeezing the budgets of, all the less developed countries...
While the President was promoting his program, the remaining chamber in session on Capitol Hill was trying to catch up. The Senate Finance Committee finally put together a quorum and approved, by a vote of 12 to 2, the House bill postponing the oil import fees for 90 days. Though the measure will be easily passed in the Senate, the question is whether or not it will get the two-thirds vote to override a veto...
Sealed Bids. One vocal critic of the Kissinger floor plan, Economist Arthur Okun, argues that the consuming nations can best cope with OPEC by bargaining with them individually. If the consuming nations were to insist on, say, taking sealed bids for their oil-import needs, Okun says, some OPEC nations would be sure to start breaking the price line sooner or later. In any case, Okun worries, if the consuming countries try to deal with the producers as a bloc they might just "solidify the position of OPEC as a bargaining agent for its member nations...