Word: bbl
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...notably better in trying to persuade Congress to go along with his proposals on a wide range of issues, from foreign policy (see following story) to tax reductions and energy conservation. The major fight was over Ford's three-stage, $3-per-bbl. hike in the tariff on imported oil. Congress had voted to postpone the hike for 90 days, and Ford had promised to veto the legislation. But to prevent the Senate from overriding the veto, he had to persuade four Senators to switch to his side...
...down with Ford in the Cabinet Room of the White House to propose a face-saving compromise. They hinted rather broadly that they were willing to let his veto stand I in exchange for a 60-day delay of two-thirds of the tariff increase-the $1 per bbl. that took effect at the end of last : week and the $1 scheduled for April 1. Ford would be left, however, with the $1 boost that took effect on Feb. 1. He promised to decide by early this week whether to accept a compromise or press on with the showdown over...
...programs were far apart in many ways. President Ford's program is ex pensive, tough and urgent: it calls for a combination of tariffs, excise taxes and deregulation of domestic-oil and natural-gas prices in order to raise energy costs enough to force a 1 million-bbl.-per-day reduction in oil imports by the end of the year. One main aim: to in crease economic pressure on the OPEC oil cartel by encouraging stringent energy conservation efforts in other oil-consuming countries...
...energy conservation over the long term but avoid any action on the price or availability of oil that might damage prospects for a turnaround in the U.S. economy. The Wright-Pastore conservation target is exactly half as ambitious as Ford's-an oil-import reduction of 500,000 bbl. per day in the first year...
...tracts to oil companies. Interior now auctions off 3 million underwater acres a year, but has talked of leasing as much as 10 million acres annually. Though the continental shelf is still largely unexplored, estimates of the oil to be found there range from 40 billion to 140 billion bbl. That is a lot of new fuel for a nation that consumes 6 billion bbl. a year, onethird of which is now being imported at extortionate prices...