To the extent that coal production could be increased by the conversion from residual oil to coal use. and it would not be to a very great extent. millions of consumers in New Jersey and elsewhere in the heavily populated Northeast would have to sustain the additional coal production with higher heating bills and higher prices for all the products and services that now involve the use of residual oil. And there would be several dollars difference between the cost of a ton of residual oil and a ton of coal. Finally. a word should be said about about the international implications of the quota system. particularly as it affects Venezuela. one of our best Latin American friends and a large exporter of the residual oil in question. Our objective has always been to stabilize trade relations with other countries. a problem of critical importance. particularly to socalled onecrop countries. whether that crop be coffee or oil. A marked change in the export market for these countries can have a disastrous effect on their economic stability.
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quota system