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Banisadr's problems are compounded by economic woes. Unemployment is currently about 30%, and industrial production is only at 30% of capacity. Daily oil output has sunk to about 2 million bbl., far below the 6 million bbl. produced under the Shah. Production threatened to fall even lower when a major pipeline in Kermanshah province was blown up, presumably by antigovernment Iranian Arabs...
...guarantee that the fee will apply only to gasoline. Oil companies might be able to increase the price of other petroleum products, like home heating oil, thus giving a nervous Congress further cause for election-year jitters. While the Administration claims the fee would save 100,000 bbl. of oil per day, skeptical industry analysts say the reduction would be closer to 60,000 bbl...
...Administration has nonetheless had some success in trimming U.S. oil imports. In April they totaled 6.7 million bbl. per day, compared with 7.8 million bbl. per day for the same month in 1979. But energy independence is still fathomless barrels away. Last week Saudi Arabia, the U.S.'s largest foreign energy supplier, hiked the price of oil 8%, to $28 per bbl., thus narrowing the gap with the OPEC nations that charge about $35 per bbl. Defending the tattered and admittedly rather feeble fee to a congressional subcommittee, Treasury Secretary G. William Miller warned: "Backing away from such...
Slope oil. Under the complicated system of fees charged by the DOE, Sohio pays only $17.88 per bbl. for Alaskan oil, compared with $24.81 that various companies pay for crude from other areas. Federal regulations, however, limit Sohio's profits. Result: the company had no choice but to lower its prices. Drivers bludgeoned by high fuel costs naturally raced to buy the cheaper Sohio gas. In some cities early this month, customers were queuing up at 6 in the morning to purchase regular for $1.01, unleaded for $1.05 and premium for $1.08. Sohio's competitors, who under...
...longer count for so much is that the Khomeini regime has pushed up petroleum prices so high that customers have ceased their pay-any-price scramble for Iranian supplies. The leader of the rush last autumn was Japan, which was willing to pay as much as $40 per bbl. But by last week Japan had bulging oil stockpiles, and the country refused Iran's latest asking price of $35 per bbl. for long-term supply contracts. Iran immediately cut off all energy shipments to Japan, which now joins the U.S. and Portugal on Tehran's blacklist...