Word: importance
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Dates: during 1970-1979
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...alternative way to cut imports without raising prices so much might be to put a flat quota on foreign oil, accompanied by some form of allocation or modified rationing to share out the reduced supplies. In order to minimize racketeering, any rationing ought to be coupled with what has been called the "white market"?a kind of legal black market in which people who had more ration coupons than they needed could sell them, with Government approval, to others who needed and were willing to pay for extra coupons. On the other hand, if Congress buys the argument...
...Henry M. Jackson (D-Wash.), a leading critic of Ford's energy program, said "no one up here that I know is advocating mandatory gas rationing." He said the President was trying to contend that rationing was the only alternative to import taxes."It's a straw man," Jackson said...
...dealing with one of the more disruptive issues in the sudden shift of wealth to oil-producing countries. That is, how to recycle some $60 billion a year in surplus Middle Eastern oil revenues to economically strapped consumer nations so that they can better finance their massive oil import bills...
...much smaller recycling facility, named for IMF Managing Director Johannes Witteveen, that has been in operation since last June. Witteveen II, as the bigger model is already known, would be funded by borrowing from OPEC nations at commercial bank rates. Countries having trouble paying for the oil they import would be given three-to seven-year loans at interest rates varying with ability...
...continuing to meet the $10.80 price, would be able to reduce imports from around 6 million bbl. a day now, to zero by 1985 and actually export a domestic-oil surplus of 1.35 million bbl. a day. The assumption is that high prices would spur a 114% rise in U.S. oil production over a decade while depressing consumption, thus enabling the U.S. to stop importing oil altogether. In this area, the OECD researchers are even more optimistic than the Federal Energy Administration; in its Project Independence Blueprint published last fall, the FEA foresaw imports still hovering at 3.5 million...