Word: petroleum
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...million bbl., according to the Administration's own figures. Yet the cost of the plan will be substantial. White House officials acknowledge that deregulation would eventually kick up the price of gasoline, residual oil used by heavy industry, diesel fuel burned by trucks and other petroleum products by 5? to 6? per gal. The increased tariff will add another 1½?. Democratic Senator Henry Jackson of Washington claims that the tariff hike alone will boost consumer prices by $2.5 billion a year. The measures are particularly punishing for New England, which imports and burns relatively more oil than...
...Democratic victory on decontrol could be short-lived. On Aug. 31, the Emergency Petroleum Allocation Act, passed by Congress in 1973, will expire, and with it all federal authority to control prices. Unless an extension of the act is passed and signed into law by then, the economy will get the full shock of a jump in U.S. oil prices to the world level all at once-not over two years or so, as Ford proposes...
...approach of their own. A bill that the White House described as a "marshmallow" finally squeaked through the House Ways and Means Committee before the recess. It would, among other things, raise the federal tax on gasoline from its present 4? to 7? next January, tax business use of petroleum, and levy a tax on gas-gulping cars. The Democrats did not bring that bill to the floor because they lacked the votes to pass...
...Amerada Hess, Atlantic Richfield, British Petroleum, Exxon, Mobil, Phillips, Sohio and Union...
...state visit to the U.S., the Shah of Iran disclosed that the Organization of Petroleum Exporting Countries will probably use the weakness of the dollar to justify another increase in oil prices this fall. The oil producers have complained repeatedly that the shrinking value of the dollar, which is the chief currency used in oil transactions, has steadily reduced their ability to buy industrialized goods. Indeed, an unconfirmed press report out of Saudi Arabia last week asserted that OPEC was planning to lift oil prices by an unspecified amount as early as June. Washington officials discount the report, but they...