tag:blogger.com,1999:blog-12154253.post2499843695120300981..comments2024-03-20T00:33:13.961-05:00Comments on Customs Law: Fungibles (For Nick)Larryhttp://www.blogger.com/profile/13659537105506728479noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-12154253.post-46868167530103666802007-04-12T14:13:00.000-05:002007-04-12T14:13:00.000-05:00Larry, thanks for the illuminating post. Direct I...Larry, thanks for the illuminating post. Direct Identification is self-explanatory, and I'll have to read up and learn more about Averaging.<BR/>The FIFO/LIFO accounting method seems to be the most popular within the petroleum industry. There is going to be an increased push to relax the NAFTA rules around origination so that a shift in the last two digits of the HTS number confer origin. Seems unlikely, but this is a reaction to the shortage of Canadian condensate that is used as a diluent in moving heavy crude oils via pipeline into the US. It will be interesting to see if the industry can successfully convince the legislation to carve out a narrow exception to the tariff-shifting rules.Anonymousnoreply@blogger.com