Word: stillnesses
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Dates: during 1970-1979
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Gasoline consumption is the root cause of the nation's petro-woes, and any move to curtail it substantially would have broad and deep economic consequences. Though rising prices and the slowing economy have cut gasoline use by 4.7% this year, the fuel still accounts for just under 40% of the 18 million bbl. of oil that the U.S. burns each day. The Administration estimates that an immediate 50? boost in the cost of gasoline, which now sells at an average for all grades of $1.04 per gal., would cut consumption by 7%, the equivalent of about...
...petroleum, make it at least somewhat more difficult for OPEC to raise prices, reduce prices on the spot market and send a signal to the U.S.'s increasingly skeptical allies that the nation is exercising leadership to curb energy use. Even with a 50? tax, Americans would still have a comparatively easy ride; most Europeans, Japanese and other non-Americans pay $2 or more for the fuel...
Sales of cars would slide still farther. The biggest vehicles, which produce the fattest profits for manufacturers and dealers, would be the worst hurt. Small cars would increase their market share, which now is more than 50%. Among Detroit's Big Three, ailing Chrysler Corp. would fare the worst. Though 70% of its cars are compacts and downsized models, vs. 50% of Ford's and 30% of GM's, small vehicles are the least profitable, and the company would have to boost output sharply to remain competitive. That would be a difficult step for Chrysler to take...
...suffer even worse reverses if Congress fails to act. OPEC's prices are all but certain to keep climbing in 1980, draining wealth out of the U.S. economy and into the bank accounts of foreign oil exporters. The price rise will help slow the consumption of gasoline still further, of course, but the inflationary impact will quickly spread throughout the whole economy, since crude oil price increases affect not just automotive fuel but all petroleum products. Enacting a gasoline tax would not only slow consumption while providing less inflationary pain, but would also soften the impact on the economy...
...production. Kuwait, Iraq, the United Arab Emirates, Algeria and Libya have all announced cutback plans for 1980, and others are likely to follow. Warns Gulf Oil Corp. President James Lee: "We estimate that OPEC could cut its exports by about 8 million bbl. per day, or nearly 25%, and still maintain balanced economies for its members." Reason: as the cartel sold less oil, the price for the diminished supply would automatically surge...