Word: petroleum
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...actions should lead to such results. Oil imports from Iran amount to a scant 4% of total U.S. consumption. In theory, at least, those purchases could be easily replaced by swapping: oil companies could exchange Iranian crude with other companies that have equal amounts of non-Iranian petroleum. Nor in theory should the freezing of Iranian bank assets prove especially disruptive to money markets or the banking system. The Tehran government's estimated $6 billion in petrodollar holdings is only a fraction of the more than $150 billion that big international banks move back and forth among each other...
Late in the week Iran further complicated the situation by declaring that American companies would no longer be permitted even to buy Iranian crude, let alone deliver it to the U.S. The petroleum will be sold instead to any non-U.S. oil companies that want it, leaving the U.S. firms to scrounge on world markets for whatever available non-Iranian cargoes turn...
...avoided no matter what steps the nation takes. But the best hope for avoiding real trauma is to cut consumption, conserve supplies and, at the very least, make do with 700,000 bbl. less of crude per day. Such an effort would put some slack in worldwide petroleum supplies and help restrain prices. More important, it would also show Iran and the world that the U.S. can start breaking its addiction to the demon...
With the two bills now virtually wrapped up, the Senate also began debate last week on the toughest Carter proposal: a new tax on extra profits that U.S oil companies could make from OPEC price increases. Because the price of American petroleum has been controlled by Washington since 1973, most domestic oil sells for only about half as much as OPEC crude. To encourage both conservation and exploration, the President proposed raising U.S. prices to world levels. But he linked that measure to an additional 50% tax on the oil companies' so-called windfall profits. Under Carter...
...floor leader of the Senate debate, says the tax is the political cost that the energy industry must pay in order to end crude oil controls. Long, who himself has extensive oil holdings, argues further that the nation can no longer afford a witch hunt against the petroleum companies. Last week he told a cheering Manhattan meeting of energy producers: "Those who defame us, curse us, abuse us and lie about us, would be in one hell of a fix without us." The Senate is expected to pass a windfall profits tax in early December, probably about $200 billion...