Word: lowered
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Dates: during 1980-1989
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...much lower oil bill will help the U.S. make progress against its two most stubborn economic problems. Boosted by cheap fuel, a robust economy could reduce federal budget deficits by a total of more than $100 billion during the next three years, according to one estimate. Less costly oil imports should cut the U.S. trade deficit, which hit $148.5 billion in 1985, by some $30 billion a year...
...turn enabled central bankers around the world, including the U.S. Federal Reserve Board, to stimulate their economies with fairly easy credit. When the leaders of the seven major industrial countries meet for an economic summit next month in Tokyo, they may push even harder for growth by agreeing to lower interest rates or cut taxes. Walter Heller, who was chief economic adviser to President Kennedy, believes that the U.S. economy will start growing at a healthy 4% to 5% rate by the end of the year...
...uses, could save as much as $23 billion on crude this year, which will help offset the loss of export business it has suffered because of the rapid appreciation of the yen. Oil-using nations that are less well off will benefit too. In sub-Saharan Africa, lower expenses for transportation and farming could start to raise living standards after many years of decline. Some countries with state-owned oil companies, notably India and Pakistan, have so far refused to pass savings along to consumers, deciding instead to spend the money on government programs. That position has riled consumers...
...which would pay the twin dividends of reducing the budget deficit and helping to prop up domestic suppliers by increasing the price. Says Heller: "The gains we make from the drop in oil prices ought to give us a kitty for helping the losers." As retail energy prices drop lower, the imposition of a small tax could be increasingly painless for consumers...
...Donald Burr, chairman of Newark-based People Express, now the fifth largest U.S. carrier, says that his company is getting "terrific savings." In the first quarter of 1986, People cut its fuel bill by as much as $16 million, or 30%. The oil- price plunge may not result in lower air-fares, since they have already been slashed by the recent discount wars, but reduced fuel costs may keep airlines from having to push ticket prices back...