Word: petroleum
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...unprecedented action by the Organization of Petroleum Exporting Countries. It might also prove too timid to achieve its goal...
...case for a federal energy tax is many-sided and obvious. As demand for petroleum has softened, drilling activity has begun to slow. At the same time, the drooping price of crude has reduced the lure of costly alternative energy projects like coal gasification and shale-oil mining...
...Though petroleum imports into the U.S. market have dropped from 6.8 million bbl. to 4.8 million bbl. per day during the past twelve months, the slide may be simply setting the stage for a renewed supply squeeze, and a surge in imports, once the economy starts to grow again. Though an energy tax would help prevent foreign suppliers from regaining their former economic leverage over the U.S., lawmakers are beginning to see an even more compelling reason to enact a levy. Properly drawn, a tax would help close the revenue chasm in future Administration budget projections...
...import surcharge, by contrast, would encourage domestic production by using imported oil as a kind of lever to set a higher price for all petroleum in the U.S. market. Moreover, foreign suppliers would get no benefit from the higher prices since the resulting revenues would flow to the U.S. Treasury...
With sudden and bruising harshness, Mexico's five-year economic joyride on the crest of rising worldwide petroleum prices has come to an end. Instead of enjoying swelling financial reserves and broadening prosperity for Mexico's 72 million citizens, the government of President José López Portillo finds itself confronting a witch's brew of staggering unemployment, rising inflation and pyramiding foreign debts...