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
OIL IMPORT FEE BILL INTRODUCED IN U.S. HOUSE