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Levy also believes that the oil exporters will raise prices steadily, perhaps by as much as 12% this year and 7% annually thereafter. By 1980 he expects the key grade of oil to be selling for $14.65 per bbl. v. $10.46 now. Even if oil prices drop temporarily, he contends, the decline would fuel a boom in the industrial world; this in turn would lead to such an increase in oil demand that OPEC could put prices right back up again...
...Libreville, Gabon, and put on the record what was already obvious: it will "readjust" (meaning raise) oil prices again when the freeze ends Sept. 30. The 13-nation cartel named no figure, but President Ford reacted to nervous speculation that the increase would amount to $2 to $4 per bbl., on top of the current price of $10.46 per bbl. for the key grade of crude. Such a boost, said the President, would be "totally without economic justification...
Congress's failure to legislate any tough energy program puts the burden on the Ford Administration, which has already doubled its tariff on imported oil, to $2 per bbl. But an argument broke out within the Administration over that scheme. Commerce Secretary Rogers C.B. Morton, who has a habit of dropping bombshells at breakfasts with reporters, let go another last week. Shortly after the orange juice, he confided that he might recommend scaling down or scrapping the tariff boost if OPEC does in fact raise prices. Morton's comment was repudiated immediately by Federal Energy Administrator Frank Zarb...
Costly Plan. The President's initiatives are no substitute for a broad, congressionally approved program that would include mandatory conservation measures. This year, for example, the tariff increases will pare imports by a mere 100,000 bbl. per day, to 6.2 million bbl., according to the Administration's own figures. Yet the cost of the plan will be substantial. White House officials acknowledge that deregulation would eventually kick up the price of gasoline, residual oil used by heavy industry, diesel fuel burned by trucks and other petroleum products by 5? to 6? per gal. The increased tariff will...
Kissinger also urged that the 18 IEA nations collectively cut imports of oil by 4 million bbl. per day by the end of 1977 and spend up to $1 trillion in the next ten years to develop additional sources of energy that would make the industrial world independent of the oil cartel. Yet, as Kissinger conceded, there is nothing that the consuming nations can do in the next several years to prevent oil producers from raising prices whenever they want to. Indeed, the Organization of Petroleum Exporting Countries may hike world prices by as much as $2 per bbl...