Word: congressed
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Dates: during 1960-1969
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Most of the new housing will be apartments in which tenants can qualify for rent subsidies, provided that Congress approves them. In an urban area, two-bedroom apartments will rent for $75 a month and three-bedrooms for about $90. Helped by federal tax shelters, investors in the partnerships can expect an attractive 16% return on their capital...
...provides 75% of the U.S.'s energy, serves as the basis of some of its most fa bled personal fortunes and influences its foreign and domestic policy. Now the Nixon Administration and the Congress are conducting some long-over due reappraisals of the Government's policy toward the oil industry itself...
Quota System. Even so, Congress has not been persuaded that exploration would be discouraged by a reduction in the depletion allowance. On Capitol Hill, the feeling is growing that the allowances, which cost the Government about $1 billion a year in lost taxes, are indefensible from the viewpoint of tax equity. Partly because of its tax privileges, the oil industry has fairly high profits. Oil companies earn an average of 11.2% on their invested capital, which is slightly above the norm for all U.S. industry; they also earn 10% on sales, which is about double the figure for other...
...Senator Hart has, perhaps extravagantly, accused the oil companies of "playing Russian roulette with national security" by supporting import restriction while drawing down the domestic supply. Ted Kennedy scoffs that the industry maintains that "our reserves will be conserved if we consume them first." In view of such attacks, Congress is likely next year to increase the import quotas...
...build a deep-water port in Maine's Casco Bay. That port is even closer to the North Slope than Seattle is. No Alaskan oil is expected to be delivered to any of the "lower 48" states before 1972 at the earliest. But its existence may provide Congress with the reasons it needs to mate some major changes in the oil industry's present privileges...