Word: barrelfuls
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...minor controversy erupted later over whether the Administration is planning to decontrol prices for domestic oil, about 60% of which is fixed at $5.25 per barrel. Ford said that he favors eliminating the oil-depletion allowance, but only if price controls are lifted. Simon, however, maintains that there are no plans to decontrol prices except for oil produced by expensive artifical methods that increase the flow of oil from older fields. Even that would mean that the uncontrolled portion of U.S. oil would rise from about 40% of the total to more than 60% and increase oil-company income...
...such a market, the price of a product is closely related to the cost of producing the last unit of supply that is demanded by a buyer. No one anywhere in the world is pumping oil that costs $10 a bbl. to 'produce.' The cost of bringing up a barrel ranges from 100 hi Saudi Arabia to 600 in Venezuela to $3 or so in the U.S. OPEC'S defenders seem to have the notion that somehow market forces have never properly recognized the value of oil, that its price always should have been higher. This tosses rational economic analysis...
...with this most enigmatic of great American leaders. Now we are once again in the presence of a figure too compassion ate, charitable, humble and wise to be quite credible-the commoner as saint, but with the sanctity cleverly humanized by just the right amount of self-deprecating cracker-barrel humor...
Carl Withers, president of the Shaker Heights Republican Club, is one of the remaining loyalists: "I consider Watergate in the category almost of a fraternity prank, where the victim got his hand caught in a barrel of chestnuts. The hiding of the break-in by underlings was not the type of crime that merits such severe punishment-considering the good deeds President Nixon has accomplished." People who agree with Withers-and even many who take a less charitable view-believe that Nixon has suffered enough. But many others are not prepared to forgive or forget. According to a California Poll...
...Fitz-Gerald, chairman of San Diego-based Wickes Corp., a big retailer of furniture and building supplies, predicts that Congress will not long remain pliant if Ford starts whacking away at the budget in earnest: "He will discover that once he starts tampering with everyone's favorite pork barrel, you can lose some friends fast." Milwaukee Banker Neil Johnston predicts that double-digit inflation will continue for some years, no matter who is President. But Ford has at least a chance to make a fresh start, and will benefit for a while from business and congressional eagerness to forgive...