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...state where oil is king, Reagan also lambasted the bill signed by Ford in 1975 to roll back the price of domestic oil and to remove the $2-per-bbl. tariff on imported oil. Reagan called for a repeal of the bill and an end to all price controls so that the U.S. would produce more oil and rely less on imports from the Middle East. "How many Texans will lose their jobs?" he demanded. "How many Texas plants will be closed during the next oil embargo?" In the oil-rich Panhandle, some producers felt betrayed by the President...
...Saudi government will give them a long-term guarantee that they can buy a fixed proportion-amount unknown-of Aramco's output, currently 7.5 million bbls. per day, and will grant a discount on the oil. The four firms will pay as much as 22? per bbl. less than the going price of Saudi crude, currently $11.51 per bbl. An additional 4? to 5? per bbl. will be knocked off the price as part of the fee that the companies will receive for continuing to provide technical and managerial skills the Saudis sorely need to operate their wells...
...assumption is that the OPEC cartel will maintain high prices for oil (currently $11.56 per bbl.). Main reason: Saudi Arabia, Libya and Kuwait are cutting production rather than risk the falling prices that would accompany a global oil glut. Though the FEA study considers the theoretical impact of oil prices of $8 and $16 per bbl., it concentrates on the effects of an average price of $13 per bbl. At that level, no alternative sources of energy, not even such highly touted synthetic fuels as shale oil and liquefied coal, can compete with oil, at least...
President's Program. FEA's report gives several possible answers. If President Ford gets his entire energy program through Congress, starting with decontrol of domestic oil and natural gas prices and leasing of offshore reserves, the nation could boost daily domestic production from 8.2 million bbl. now to 13.9 million bbl. in 1985. That, along with a surge in nuclear power plant construction and some much debated changes in environmental laws to allow more coal to be burned, would permit the U.S. to hold imports to the present level of 6 million bbl...
Total imports in 1985 may conceivably drop to 1.7 million bbl. a day, provided that the U.S. enacts a strong energy conservation program in addition to following Ford's other legislative remedies. On the other hand, if Congress bucks the President's call for decontrolled prices and eased environmental laws, which seems likely, the nation can expect to import 11.3 million bbl. of oil a day in 1985. FEA's report attempts only to provide an objective basis for future energy decisions. Its figures nonetheless give a timely warning that in the foreseeable future there...