Word: petroleum
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...President will start by using his power to impose a $1-per-bbl. tariff on imported petroleum beginning Feb. 1, then raising it to $2 on March 1 and $3 on April 1. He also will ask Congress to enact a $2-per-bbl. tax on U.S.-produced crude, and an equivalent amount?370 per 1,000 cu. ft.?on natural gas piped across state lines. If and when Congress agrees to that, the tariff on foreign crude would drop back to $2. Finally, Ford plans to remove all price controls on domestically produced oil on April...
...result: the average price of gasoline, heating oil and other petroleum products would rise by about 100 per gal. Oil companies would reap huge additional gross profits, but Ford proposes to snatch them away by imposing a "windfall-profits tax," that, combined with regular taxes, would pull in $12 billion this year...
Ford proposed a wide range of other programs to reduce energy consumption or increase supplies. Among them: opening to commercial drilling the Navy's Petroleum Reserve No. 4 in Alaska; amending the Clean Air Act and other legislation to enable utilities to burn more coal; enacting heat-saving standards for all new buildings; budgeting more federal money for energy research and development. He set a list of specific goals to be achieved by 1985: production of 1 million bbl. per day of synthetic fuels and shale oil; construction of 150 "major" coal-fired power plants, 30 new refineries...
Ford: Higher taxes and tariffs on imported and domestic crude oil, natural gas and imported petroleum products. In addition, all domestic oil and gas would be freed of price controls, and Congress would be asked to approve an excess-profits tax on windfall earnings of oil and gas companies. Clean-air laws would also be weakened to permit more coal to be burned, especially by electric utilities...
Meanwhile, the Tanzanian economy is sorely beset by failing crops, worldwide inflation and soaring petroleum costs. Because the government paid such low prices for basic agricultural commodities, farmers last year smuggled more than $50 million worth of sisal, cattle, cotton, cashew nuts and corn across the border into neighboring Kenya, where prices were higher, thereby depriving Tanzania of vital foreign exchange. The country's hard currency reserves, in fact, have fallen from over $100 million a year ago to only $11 million at present...