Word: bonanzas
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...Callaghan has plenty to fight back with. Last week the Prime Minister reaped a substantial political bonanza with some favorable economic news. Britain's mine workers agreed to go along with the government's 10% limit on wage increases; the pound, already surging, rose another half a cent; and key Labor economists projected a drop in the inflation rate (13% in November) to 7% by July. One pollster believes that the party may also pick up a large block of new votes in the next election from the traditionally apolitical Asian immigrants. His prediction: "They are going...
...source of the bonanza is North Sea oil. By the end of 1977, taxes and royalties on it will have brought the government a trifling $9.5 million. But during 1978 and 1979, the government's take will multiply a thousand times, and by the mid-1980s Whitehall's share will be running at $6.7 billion a year...
Moreover, as TIME Correspondent Robert Parker reported after a tour of the area, an even bigger potential bonanza lies near by, in the "geopressured" zones full of hot, salty water and dissolved gas that underlie thousands of square miles along the Gulf Coast. David Lombard, a physicist for the Department of Energy, asserts: "If everything works, we will have as a goal to produce 2 trillion cu. ft. of gas a year from geopressured zones by the year 2000." That would equal 10% of the present U.S. gas consumption...
...18th century portraitist was so prolific that up to 50 of his paintings of Washington may be around. Stuart also had plenty of imitators. Many people stumble across a painting of Washington and dream of a Stuart bonanza. Says Monroe Fabian, an associate curator at the National Portrait Gallery: "The paintings come in here in brown paper bags and boxes. People cart them in from halfway across the country." A genuine full-length Stuart, he adds, would be worth "somewhere in the seven-figure range...
...help industry convert from oil heating to coal, and to aid energy companies in developing unconventional sources like shale oil. The wellhead-tax dispute is the most difficult issue the conference committee faces. Supporters of the tax argue that without it, the oil companies would be handed a bonanza of unearned profits because they would get much more for oil that had already been discovered and was already profitable to sell at lower, Government-fixed prices. The oil companies say they need the increased revenue-from new as well as old discoveries-if they are to accelerate their search...