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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...
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...
...substantial" reduction in the price of oil with an argument that there is a minimum level below which the price should not be allowed to sink. He asked all the major consuming nations to join the U.S. in establishing a "common floor" for the price, to be maintained through import tariffs or other means...
...Paris-based International Energy Agency last week by Assistant Secretary Thomas Enders. IEA officials were noncommittal. Neither Kissinger nor Enders has said publicly where the floor might be. The level most often mentioned in Washington is $7 or $8 per bbl. That is far above the $2.65 import price that prevailed before the Arab oil embargo of October 1973, but it is also $3 to $4 below the $10.80 per bbl. basic price currently dictated by the 13-member Organization of Petroleum Exporting Countries...
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...