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Both houses of Congress also moved ahead with their energy plans. First, the Democrats gained time when the Senate, following the House, voted 66 to 28 to postpone for 90 days the President's three-stage, $3 per bbl. tariff increase on imported oil. Thus they cleared the way for enactment of an alternative program that will concentrate on reducing consumption without raising prices. Both houses have ad hoc committees working on energy programs. Said Texas Representative Jim Wright, who heads the House task force: "Relying on a tariff to cut domestic consumption is roughly analogous to a husband...
...Hills, Calif., and Naval Petroleum Reserve No. 4 in Alaska, and set up a board to coordinate and accelerate development on the continental shelf, perhaps through a Government-assisted consortium of several companies. Jackson considers Ford's immediate goal of cutting U.S. oil imports by 1 million bbl. per day to be unrealistic. Some conservatives regard Jackson's energy program as inimical to the free enterprise system...
Kissinger's floor plan was submitted to the Paris-based International Energy Agency last week by Assistant Secretary Thomas Enders. IEA officials were noncommittal. Neither Kissinger nor Enders has said publicly where the floor might be. The level most often mentioned in Washington is $7 or $8 per bbl. That is far above the $2.65 import price that prevailed before the Arab oil embargo of October 1973, but it is also $3 to $4 below the $10.80 per bbl. basic price currently dictated by the 13-member Organization of Petroleum Exporting Countries...
There is considerable doubt in and out of Washington about just how effective a floor price would be in promoting energy development, particularly in the U.S. Atlantic Richfield Co. and three other firms recently suspended a big oil-shale project in Colorado after cost estimates for a 50,000 bbl.-per-day plant jumped from $450 million to $800 million. A price of $7 for oil, concluded the Federal Energy Administration in its Project Independence Blueprint last fall, could boost consumption back to wasteful levels while providing only a slight stimulus to production, thus actually increasing U.S. dependence on foreign...
Consumption Cut. The assumptions are buttressed by recent trends. In Europe, oil consumption declined 7% in 1974; in the U.S. it fell by 3%. Last week 17 members of the International Energy Agency agreed to cut their total oil imports by two million bbl. a day this year. Exploration for oil in the North Sea, Alaska and Mexico, and research into alternative forms of energy, continue apace...