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Emergency National Oil Stockpile Is Recommended
A task force of energy experts recommends creating an emergency national oil stockpile financed by a tax on refined petroleum to lessen embargo risk and discourage export restrictions. A three month reserve could cost over a billion, with financing via a security excise, amid plans to store 150 million barrels at about $2 billion. Iran cuts foreign aid and shifts to barter as oil revenue drops. US reliance on imports rose to over 40 percent.
MENTIONED IN THIS ARTICLE
New York
Remember
Twentieth Century Fund
Independent Research Foundation
Peter Kenen
Princeton University
Iran
Saudi Arabia
Herbert Cohn
American Electric Power Co
United States
Cahn