Word: tariff
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...recession side of the ledger, no matter how promptly the Government moves to return to consumers and industry the tax and tariff moneys collected on oil, there is bound to be a lag between tax and return that in the short run will slow economic activity in the U.S. Some parts of Ford's package must work at cross-purposes, but if the effect of any one element goes seriously awry, the whole enterprise could come apart like some Chaplinesque machine of wheels within wheels that has slipped a gear. As Ford Adviser Buchen puts it: "The interrelatedness...
...Englanders are angriest of all, since their region is most dependent on imported oil and would be hardest hit by the Ford tariff. Last week the New England caucus released a letter challenging Ford's right to act under the 1962 trade act without public hearings. "No matter what the Congress does," says a New England lobbyist on Capitol Hill, "the tariff makes it Ford's program. He'll be blamed for the consequences. It'll be like Lyndon Johnson...
...political difficulty is that an excise tax and price decontrol would both require approval by Congress, which could decide to debate the matter into 1976. Thus the White House is considering kicking off its energy-conservation program with a stop-gap tariff on oil imports that Ford could impose by Executive order. The Administration's program would unfold in three stages...
...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...