OPEC AND OIL PRICES

Price Fall Revives Interest in US Import Fee 

Faced with falling international oil prices and a domestic imbroglio over reducing the federal deficit and tax reform, the Reagan administration appears to be softening its hitherto adamant opposition to some form of tax on US oil imports.

This shift in policy was signalled by President Reagan himself, who said on 4 February that an oil import fee was "under consideration as part of the tax reform."

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