Volcker urges US tax on oil as prices drop

Federal Reserve Board chairman Paul Volcker urged Congress to raise taxes on oil to offset a sharp drop in world oil prices. He advocated speeding up President Reagan's $5-a-barrel tax on domestic and imported oil proposed for October 1985. This would raise government revenues and keep the federal budget deficit from expanding, he said.

of stories this month > Get unlimited stories
You've read  of  free articles. Subscribe to continue.

Unlimited digital access $11/month.

Get unlimited Monitor journalism.