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...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...
...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...
EXCISE TAX. The import tariff would be scrapped as soon as Congress approves excise taxes on oil and natural gas. Administration economists maintain that the energy companies are so flush with surplus oil nowadays that they would be forced to absorb some of the cost of the tax. Yet much of it would be passed on to customers, probably in the form of a rise of 5? per gal. or so in the retail prices of gas, heating oil and other petroleum products. An equivalent tax on natural gas would be about 50? per 1,000 cu. ft. Through...