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Further Drain. What Ford had done was to bite the bullet as he had been urged, though people had differing views of the bullet he should bite. He signed a proclamation that raises the tariff on imported crude oil by $1 per bbl. starting Feb. 1 and moving up to a maximum $3 per bbl. on April 1. The tariff hike is only part of his total program, which calls for a dramatic increase in the price of oil to reduce consumption, along with a $16 billion tax cut to reimburse consumers. By launching the first part of his energy...
...with Ford's energy program in hopes of moderating its inflationary impact. But if, through some legislative miracle, the taxes, tariffs and decontrol measures are enacted as they are now proposed, the average price of crude oil in the U.S. will take a substantial leap from $9 per bbl. to $13. The Federal Energy Administration estimates that the average price of heating oil would rise from the present 38? per gal. to a maximum of 48?, and a gallon of gasoline could race up from its present price of 52? to as high...
...have perceptibly added to the January chill in a region where 71% of all homes are heated by oil-burning furnaces and 70% of electricity is oil-generated. In a second winter of discontent over soaring oil and gasoline prices, New Englanders are aghast at the proposed $2-per-bbl. tariff on imported oil. "This isn't leadership," said Lawson Ramsdell, a building custodian in Portland, Me. "I don't think Mr. Ford knows where he is going...
...business of drilling for oil and supplying those who do it is booming not so much because of new discoveries as because of new prices. During the 1960s and early 1970s, when domestic crude sold for an average of $3 per bbl...
...their drilling equipment abroad or simply abandoned it in the fields; oilfield hands moved on to Canada or Alaska, or took other jobs. But then, in September 1973, Congress allowed "new" oil-produced above a 1972 base level -to float up to the world price, now about $11 per bbl. Suddenly, the producers, promoters, roughnecks and fortune hunters flocked back in droves to the oldtime West Texas boomtowns -and they are still coming...