Word: importent
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Dates: during 1970-1979
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...first ranking national politician assassinated in India since Mohandas Gandhi was shot in 1948, Mishra had recently been the target of corruption charges involving the issuance of import licenses during his term as Minister for Foreign Trade (1970-73). The agitation in Bihar has been aimed at unseating a state government that Mishra, himself a Bihari, had strongly backed. The movement has been led by one of India's most respected political leaders, Jayaprakash Narayan, 72, a founder of the Socialist Party and one of the last of Gandhi's immediate disciples. Narayan has been pressing...
...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...
India suffered more than any other nation. Its oil import costs hit $1.6 billion, up fivefold in two years, leaving it little money to import food and fertilizer, machines and medicine for its hungering millions. Pakistan's plight was almost as critical; its imports of oil and fertilizer topped $355 million. Sri Lanka's rice farmers had to pay 375% more for fertilizer; they reduced their buying so much that the rice harvest fell almost 40% below expectations...
...deterioration of Denmark's economy in the past year in large part has been caused by the fourfold hike in the price of imported oil (upon which 90% of the country's energy output depends). With its import prices rising twice as fast as its export prices, Denmark suffered a more than $ 1 billion balance of payments deficit in 1974. Unemployment, at a 22-year high, has cut deeply into some professions. "If you take the No. 6 bus on Thursdays," observes Architect JØrgen Andersen, 39, "it is full of architects on their...