Word: bbl
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...face of it, the President's case looked like a strong one. Oil imports are still running at a ruinous 6 million bbl. a day, and a new tax would probably cut consumption. Indeed some experts urge a fee of not 10? but 50? or more (most European nations now charge nearly $2 per gal. in taxes). Even so, claims the Administration, the 10? charge would save 100,000 bbl. a day. Congress's refusal to impose any tax will therefore be hard to explain when Carter goes to Venice later this month to coordinate allied energy policies...
What figures Moffett did pry loose raised some questions about the Administration's case. While Carter claimed that the fee would save 100,000 bbl. a day, estimates within the DOE ranged as low as 20,000. And even if the saving really was 100,000, a $10 billion tax would mean that the U.S. Government was charging American consumers $270 for every barrel saved...
...nearly 40% of all cars were electric. Detroit's experienced carmakers, on the other hand, obviously do not think the market is that big, but Detroit has been wrong before. If the EV renaissance that G&W is talking about comes to pass, it could save 225 million bbl. of oil a year, even allowing for some oil-generated electricity to charge the cars' batteries. In current dollars, that could slash the U.S. trade deficit...
...petroleum prices is not going to last. This week the 13 members of the Organization of Petroleum Exporting Countries will meet in Algiers, and are likely to agree on yet another boost in the cost of crude. At present the average worldwide cost of oil is about $31 per bbl., but Eckstein projects that it will rise to $35 per bbl. by year's end and $42 per bbl. by the end of 1981. A rise of that magnitude, more than double the U.S.'s projected climb in consumer prices during the period, would stoke up inflation...
Charter is moving from big to magna. It has agreed to buy the ailing Commonwealth Oil Refining Co., which operates a 160,000 bbl.-per-day Puerto Rico refinery, for $650 million. And last week it was completing plans to build a 100,000 bbl.-per-day refinery in Alaska, as well as sewing up the rights to 75,000 bbl. per day of North Slope crude...