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Ford said that effective June 1 he would double the $1-per-bbl. import tariff on crude oil that he imposed in February, and add a new 60?-per-bbl. levy on imports of refined products like gasoline and heating oil. A third $1-per-bbl. increase is yet to come. Ford pledged again to send Congress a plan for gradually decontrolling all U.S.-produced oil; about two-thirds of it is now price-fixed at $5.25 per bbl...
Doing Nothing. Ford intends to plunge ahead with his own program. He is expected to increase the tariff on foreign oil by $1 per bbl. on top of the $1 boost that he ordered last February. He also might start phasing out price controls on domestic old oil. By several reliable estimates, decontrol would add $250 a year to the average American family's energy bill. But the two measures would also stimulate oil exploration, which is lagging in the U.S., and probably reduce consumption by 1.5 million bbl...
...pipeline contractors drive to make their target date of mid-1977. The spongy, oil-soaked strata nearly two miles beneath the tundra at Prudhoe Bay contains an estimated 9.6 billion barrels of oil, by far the largest deposit in the U.S. Initially, the pipeline will carry 1.2 million bbl. per day, an amount equal to one-fifth of the nation's current oil imports. If other fields in the inhospitable area can be brought into production as expected, the capacity will eventually rise to 2 million bbl. daily...
Under present law, "old" oil is price controlled at $5.25 per bbl. Old oil is defined as the amount of crude a well pumped month by month in 1972; any amount produced over that level is considered "new" oil and is not controlled. Under Ford's order of last week, 4% of the old oil would be freed from control each month; over two years or so its price would presumably shoot up to the world price of about $11 per bbl. Zarb estimates that decontrol would eventually add about 5? per gal. to the price of gasoline...
...Little Time. Controversial as the decontrol plan is, Ford has at least avoided an immediate clash with Congress by delaying for a month the scheduled $1-per-bbl. increase in the tariff on imported oil. In February the President imposed the first $1-per-bbl. tariff and planned to raise it by another $2-$1 in March, another $1 in April. Congress swiftly passed a bill temporarily suspending the President's authority to post the increases. Ford vetoed the bill, but struck a compromise: he would defer adding the second dollar until May 1. As that deadline approached last...