Word: petroleum
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...also heavily used to train young recruits for the Libyan army, who bear no responsibility for Gaddafi's terrorism. Bombing oil jetties and other installations could cripple Libya's economy, but at the possible price of killing German, Italian and other foreign technicians still working in the Libyan petroleum industry--and possibly even some Americans. There were 1,500 in Libya in January, and some may have disobeyed Reagan's order to get out of the country. The Libyan intelligence-service headquarters, from which Gaddafi and aides launch terrorist operations, is in downtown Tripoli and hard to hit without causing...
Another backstop against an OPEC-induced shortage is the strategic petroleum reserve started in 1975 by President Ford. By the end of May, the U.S. will have filled a series of hollow salt domes in Louisiana with about 500 million bbl., enough to meet U.S. oil-import needs for 100 days. The Reagan Administration has proposed stopping short of the final goal, 120 days' worth, as a way of cutting the federal deficit. But at these oil prices, the Administration is now thinking of continuing to stock up before the discount binge ends...
...sheer size of the potential petroleum "tax break" is stunning. Last year the U.S. economy consumed some 15.7 million bbl. of crude oil a day, at an average price of $27 per bbl. Total cost: $155 billion. According to the Washington Analysis Corp., an economics- and market-research firm, a petroleum price of about $10 per bbl. for the rest of 1986 would boost American disposable income by $84 billion this year, or roughly $330 for the average wage earner. More conservatively, a Department of Energy economist estimates that if the average price of crude stabilizes this year...
Utilities, businesses, homeowners and others who still burn natural gas are winning lower costs as their fuel suppliers try to compete with oil. Consolidated Natural Gas of Pittsburgh says that its 1.5 million customers are already enjoying savings of up to 20%. If the price of petroleum keeps plunging, however, gas companies will be hard pressed to compete with fuel-oil dealers...
Farmers have a lot to gain from the oil-price slump. Agriculture absorbs 3% of all energy consumed in the U.S. each year--for diesel- and gasoline-powered machinery, for petroleum-based fertilizers and pesticides, and for pumps used to lift and distribute irrigation water. With spring planting on the way, the timing of the oil-price collapse is, from the farmer's point of view, well- nigh perfect. Diesel-fuel prices have dropped so far this year by anywhere from 23 cents to 30 cents per gal., to as low as 50 cents. Costs are expected to come down...