Word: bbl
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...desperate attempt to halt the drop in prices, members of OPEC gathered in Vienna over the weekend and announced an agreement for a modest production cut of 200,000 bbl. a day to 18 million bbl. a day. It is the first time the members have agreed jointly to curtail output in order to stabilize prices. Nevertheless, a number of OPEC states are already badly in need of cash, and will be sorely tempted to increase production in the weeks and months ahead...
Though petroleum imports into the U.S. market have dropped from 6.8 million bbl. to 4.8 million bbl. per day during the past twelve months, the slide may be simply setting the stage for a renewed supply squeeze, and a surge in imports, once the economy starts to grow again. Though an energy tax would help prevent foreign suppliers from regaining their former economic leverage over the U.S., lawmakers are beginning to see an even more compelling reason to enact a levy. Properly drawn, a tax would help close the revenue chasm in future Administration budget projections...
First to broach the surcharge idea was David Stockman, Director of the Office of Management and Budget, who last December proposed a $2-per-bbl. import surcharge. Though the President rejected the idea, such a tax would add about 5? per gal. to the retail price of gasoline, which has fallen by as much as 200 in some places anyway...
...only is Stockman's import-surcharge idea being dusted off, but Administration officials are beginning to think seriously of a substantially larger surcharge of anywhere from $5 to $10 per bbl. Such a levy would raise from $18 billon to $36 billion annually, offsetting nearly 38% of the Administration's projected $96.4 billion budget deficit for next year. By cutting taxes for hard-pressed U.S. taxpayers, the President has created a budget dilemma that he can now help solve in effect by taxing foreign-oil suppliers instead...
...slow and steady economic development, the country plunged headlong into accelerated industrialization. For a while, the campaign produced impressive results, creating nearly 1 million new jobs per year and propelling Mexico to the rank of the world's fourth largest oil producer, with an output of 2.7 million bbl...