Domestic and international petroleum situation and the implications of fees on imported oil: hearings before the Committee on Energy and Natural Resources, United States Senate, Ninety-ninth Congress, second session ... March 14, 20, and 25, 1986


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Page 187 - Council is a federation of 42 state and regional trade associations representing thousands of independent small business petroleum marketers. Members include gasoline and diesel fuel wholesalers, commissioned distributors of gasoline, gasoline reseller-retailers and a large number of retail fuel oil dealers. Members also wholesale or retail many other petroleum products, including kerosene, LP gas, aviation fuels and motor oils as well as residual fuel oil.
Page 818 - GNP to be 1.2 percentage points higher in 1986 and 1.0 percentage point higher in 1987 than would otherwise have been the case. Using the December 1985* Blue Chip consensus forecast of 2.5 percent growth in 1986 and 3.1 percent growth in 1987 as a starting point, this means that on the basis of the oil price decline that has already occurred, we can expect real GNP growth to be 3.7 percent this year and 4.1 percent in 1987. 'The rationale for using the December 1985...
Page 150 - ... done the grape crop by sparrows had reached the department from twenty-five States and the District of Columbia, as follows : Alabama, Arkansas, California, Connecticut, District of Columbia, Georgia, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, New Jersey, New York, North Carolina, Ohio. Pennsylvania, South Carolina, Tennessee, Vermont, Virginia"and West Virginia.
Page 821 - Lower Investment Means Fewer Jobs Created. Lower investment means that fewer private-sector jobs are created. As a result, the oil import tax would cause civilian employment to fall by 0.1 percent and 0.3 percent in 1986 and 1987, respectively, compared to what would have been the case without the added tax. This implies a cumulative loss of 400,000 Jobs in 1986 and 1987. The civilian unemployment rate would be 0.1 percentage point higher in 1986 and 0.2 percentage point higher in 1987. (See Figure...
Page 446 - SIGMA's members market refined petroleum products in all SO states and account for approximately 20 percent of the US retail market for motor gasoline.
Page 849 - I support the imposition of variable import fees as proposed by Senators Wallop and Boren as one means to achieve that goal. However, I would recommend that the fee be imposed only for an interim period of no more than three years and reevaluated at the end of that time to determine whether it is still merited by national security concerns.
Page 380 - s membership is composed of resin manufacturers, distributors, machinery manufacturers, plastics processors, mold-makers and industry-related categories. Founded in 1937, SPI serves as the "voice" of the plastics industry. 2. seriously impair economic growth; 3. devastate the international competitiveness of the chemical, fibers and plastics industries and export American jobs; and 4. mark a return to massive government intervention into US energy markets. DEFICIT REDUCTION Recent studies by Data...
Page 818 - Department - 2 (1 ) Economic Benefits of an Oil Price Decline Econometric studies generally agree that a decline in the price of oil would have a positive effect on our nation's economy by lowering Inflation and interest rates and, thus, spur ing economic growth and reducing unemployment.
Page 766 - ... of the Free World's oil reserves are located in the Middle East and that excessive dependency on that area of the world has led directly to economic shocks and serious foreign policy problems. Senator Lloyd Bentsen (D-TX) has noted that "if we learned anything from the Arab oil embargo of 1973, it's that we cannot afford to get hooked again." Similarly, many alternate energy projects will be terminated, although it is obvious that such projects are needed to replace declining domestic production...
Page 409 - E. oil imports. If no protectionist action is taken by the Congress, and the recent reduction in world crude oil prices is not immediately reversed, there will be further substantial reductions in the bill for petroleum imports in 1986, probably on the order of $15-20 billion.

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