Word: bbl
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...weeks ago Ford, with a stroke of the pen, raised the tariff on imported oil by $1 per bbl. as the first step of an increase that would reach a maximum of $3 per bbl. on April 1. Democrats thought that they had the perfect riposte to this presidential assertiveness. The liberals on Ways and Means adopted a bill postponing the tariff hike for 90 days. Then they linked the measure with a boost in the national debt ceiling that the Administration had sought in order to finance its ballooning deficit (see box). The Democrats reasoned that Ford could...
...conservative Democratic votes in the Senate to prevent an override of his veto of the tariff deferral. Even if they lacked the necessary votes, Republicans were prepared to filibuster and try to pick up enough support to prevent cloture. Ullman felt that the Democrats could live with the $1 bbl. oil increase if the President would hold off on the subsequent hikes...
Democrats began to take a more relaxed view of the President's program. "Why adopt draconian measures?" said one Senate aide. "There's no magic in a 1 million-bbl.-per-day oil cutback that would deflate the economy and shoot up unemployment. There has still been no coherent, clear explanation why we should put on this hair shirt." Said Democratic Whip Robert Byrd: "Let's take first things first-let's stop the recessionary slide, create jobs, cut taxes." Similar advice came from the citadel of conservative economic policy. Arthur Burns cautioned: "The President...
...DIRECT. The U.S. could cut its oil imports by the goal of 1 million bbl. a day-or 5.5% of consumption-merely by printing coupons limiting what motorists can buy. Thus rationing, says one of its Senate advocates, Colorado Democrat Floyd Haskell, would have "an immediate conservation effect...
China scored an important economic leap forward in 1973 by making the heady transition from oil importer to oil exporter. China is not the Far East's Saudi Arabia. But with proven reserves in the 20 billion bbl. range (v. 132 billion for the Saudis, 35.3 billion for the U.S.), Peking expects oil eventually to become China's principal foreign exchange earner. Like other oil exporters, China will be able to benefit politically. In 1974 Peking exported some 30.5 million bbl. of crude (up 430% over 1973) to Japan, earning $442 million; the reason was not only...