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EMD-79-78 1 (1979-07-24)

handle is hein.gao/gaobaazmq0001 and id is 1 raw text is: BY THE COMPTROLLER GENERAL Report To The Congress OF THE UNITED STATES The Economic And Energy Effects Of Alternative Oil Import Policies Increasing reliance on imported oil leaves the United States vul- nerable to abrupt price increases and supply disruptions, threat- ening our economy and national security. This report examines alternative ways to reduce oil imports. GAO compared the economic and energy effects of continued price controls, price deregulation (including the administration's de- control plan), import fees, domestic crude oil taxes and quotas. Overall, phased price deregulation appears to result in the best com- bination of costs and benefits for the Nation. It is the most effec- tive at reducing oil imports by stimulating domestic production while avoiding the higher economic costs imposed by quotas. The administration's decontrol plan should lower imports, but will cause additional inflation over the next 3 years. GAO es- timates the impacts of decontrol, on both oil imports and on inflation, will be higher than the administration suggests. The administration's proposed tax on windfall profits arising from deregulation of previously discovered oil will collect a small amount of revenue. The part of the tax on profits arising from future OPEC price increases, however, may collect considerably more revenue from the industry because the administration plans to establish a low base price from which profits are calculated. u l/l 111 II 109949 -/09917- EMD-79-78 JULY 24, 1979

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