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Energy costs are also unlikely to rebound any time soon. Crude oil prices have leveled off at about $29 per bbl. since the Organization of Petroleum Exporting Countries cut prices to that level in March. James McKie, chairman of the economics department at the University of Texas, noted that while OPEC has not collapsed, as some had predicted, the oil producers now seem powerless to push prices higher. He warned, however, that the group could regain its clout if Middle East strife once again restricts the flow of oil. Said he: "OPEC will now wait in the wings...

Author: /time Magazine | Title: Beginning to Build Up Steam | 6/6/1983 | See Source »

Even with spending reduced, TIME'S board concluded, the Government will have to boost its tax revenues. The easiest option would be to reverse President Reagan's program of income tax cuts, but several board members, including James McKie and Rimmer de Vries, argued against that course. Reason: income tax cuts encourage Americans to save more of their earnings and thus provide added Government for business investment. De Vries suggested that the Government close example, loopholes that favor consumption over savings. If, for example, the Government eliminated the deductibility of interest on consumer loans except for mortgages, revenues...

Author: /time Magazine | Title: Ways to Narrow the Budget Gap | 6/6/1983 | See Source »

Many U.S. energy experts fear that a drop in oil will undermine conservation efforts and ultimately boost demand for foreign oil supplies. Some, including James McKie, economics professor at the University of Texas, favor a tax on imported oil to keep the price of crude from dipping below $30 in the U.S. Says McKie: "It's a matter of national security." But the Administration is against imposing such a tax any time soon. Said Commerce Secretary Malcolm Baldrige: "Why not give the consumer a break?" The White House apparently wants the public to reap all it can from OPEC...

Author: /time Magazine | Title: Bracing for a Showdown | 3/14/1983 | See Source »

...crude by curbing production have collapsed, at least temporarily. As a result, said Rimmer de Vries, chief international economist for Morgan Guaranty Trust, the official price of OPEC oil may fall from $34 per bbl. to $28, which would shave a percentage point off the U.S. inflation rate. James McKie, an economics professor at the University of Texas, maintained that unless OPEC regroups and sets production quotas, the oil price could drop even lower than $28. Last Friday a price war erupted. First Britain proposed to its customers a $3-per-bbl. cut, to $30.50, in the price of North...

Author: /time Magazine | Title: Here Comes the Recovery! | 2/28/1983 | See Source »

...long-term outlook for OPEC and oil prices is squarely tied to the health of the world economy, which shows few signs of rebounding any time soon. A vigorous recovery, however, could rejuvenate the cartel by driving up demand. Says James McKie, a University of Texas energy expert and member of the TIME Board of Economists: "If world recovery does proceed and the growth of demand resumes, I would expect OPEC to regain at least the amount of clout that it had before the Iranian crisis." OPEC may be gravely wounded, in other words, but rumors of its imminent demise...

Author: /time Magazine | Title: The Cartel Is Losing Its Clout | 1/3/1983 | See Source »

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