text: A bill that would impose an oil import fee to support a world floor price for oil of 25 dlrs a barrel was introduced in the U.S. House of Representatives by 12 Congressmen from oil-producing states. The variable import fee would be dropped if oil prices rise above 25 dlrs a barrel sponsors of the bill said. Revenues from the fee would be used to buy domestic oil from stripper wells - those that produce 10 barrels a day or less - at a fixed price of 25 dlrs a barrel. Purchases would stop when prices rose above that level. Time is running out on the domestic oil and gas industry Rep. Joe Barton R-Texas said in a statement. An oil import fee is really just the premium for a national insurance policy. President Reagan opposes an oil import fee but supporters of the bill said they hoped for action on it before the end of the year. Reuter
target: OIL IMPORT FEE BILL INTRODUCED IN U.S. HOUSE