Plan to Scrap Oil Import Quotas Said Being Recommended
Washington AP reports a presidential task force nears final recommendations to President Nixon to end the import quota system for oil. A tariff scheme would raise the price of foreign oil and allow more imports over a three year span starting July 1, 1970. Proposals include a target price near 3 dollars per barrel and tariffs around 80 to 90 cents for crude and products with Latin American and Canadian oil included.