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Word: yearly (lookup in dictionary) (lookup stats)
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...

Author: /time Magazine | Title: Business: Carter Considers a Gas Tax | 12/17/1979 | See Source »

...state conservation plan that calls for holding 1980 gasoline consumption to about 7 million bbl. per day, just about where economists expect it to be anyway. In an embarrassingly typical DOE bungle, the targets set for New York, New Jersey and Connecticut during the first three months of next year would allow drivers in those states to increase their auto usage...

Author: /time Magazine | Title: Business: Carter Considers a Gas Tax | 12/17/1979 | See Source »

...proposal would face tough, almost insurmountable opposition in Congress, which considers a new tax as a pox in an election year. Typical of what special-interest groups will tell their Congressmen is the observation of a Southern California Auto Club spokesman: "The tax is just a scam to increase Government revenues and the federal bureaucracy at the expense of good-hearted people across the country...

Author: /time Magazine | Title: Business: Carter Considers a Gas Tax | 12/17/1979 | See Source »

...unemployment rise, if the proceeds of the tax were recycled to consumers, as the various Administration proposals recommend. But the impact on consumer prices would be severe. A full 2.4 points of the nation's current 13.1% inflation rate is traceable directly to increases in gasoline prices this year. Tacking another 50? a gal. onto fuel costs by most estimates would add three or four points more to the consumer price index next year...

Author: /time Magazine | Title: Business: Carter Considers a Gas Tax | 12/17/1979 | See Source »

...substantial increase certain. Single shipments of crude are being sold on the spot market for as much as $40 to $45 per bbl. This shows just how much people are prepared to pay for oil in the pinch that has been created by the loss, for much of this year, of some 2 million bbl. of crude per day from Iran...

Author: /time Magazine | Title: Business: Here They Come Again | 12/17/1979 | See Source »

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