Watching Government: Trade duties

President George W. Bush's plan to impose stiffer tariffs on most imported steel may help US steel producers, but it could hurt the US oil industry, say some US producers.Majors and larger independents see a dangerous precedent being set. They argue that the same outdated US dumping laws the Bush administration was forced to consider when making its decision on steel could also be used by smaller independents to support crude oil import fees. Oil dumping limbo"This is an issue [for which] we believe the administration cannot and should not be on the sidelines," said Larry Goldstein, president of Petroleum Industry Research Foundation Inc.For the past 18 months, parties on both sides o...

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