Word: crude-oil
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...spiritual leader of Iran's Shi'ite Muslims called for an indefinite general strike. Khomeini, who has vowed to oust the Shah, also urged Iran's oil workers to repeat last month's two-week strike that cost the country more than $1 billion in crude-oil revenues. As the holiday began, residents of Tehran broke the curfew and crowded into the streets to see if the new moon had appeared, signaling the start of Muharram. Government troops opened fire on the chanting crowd with automatic weapons. Official sources said that nine persons had been killed...
...crude-oil tax in the energy bill. Stalled...
Wellhead tax The central feature of the Administration program, the tax would be phased in over three years and raise domestic crude-oil prices, now at an average $8.52 per bbl., to the current OPEC price of about $13.50 per bbl. The aim: to discourage domestic oil consumption. To encourage increased domestic production and reduce imports, the plan would allow the price of newly discovered oil to rise to the 1977 OPEC level, and the oil companies to retain the increased revenue. To lessen the draining effect of the wellhead tax on consumer spending power Carter proposed that much...
...solutions presently being debated to cure our current ills range from gas rationing to crude-oil tariff increases (coupled with income tax rebates) to war with the Arab countries. Common sense indicates that you can also reduce gasoline consumption by making cars run more efficiently. Why not reduce clean-air standards to a reasonable level (as in 1971) and enjoy a 20% fuel savings without adding to inflation, creating more governmental bureaucracy or starting a useless...
PRICE DECONTROL. The Administration will pair its request for excise taxes with a plan to strip away all controls on crude-oil and natural-gas prices. Thus the cost of old oil would float up from $5.25 per bbl. to the world market price, now about $11. Interstate natural gas, now controlled at 28? per 1,000 cu. ft., would be allowed to rise to uncontrolled levels of intrastate gas, now about $1.25. The resulting surge in oil-and gas-company profits would be cut by a special "windfall profits" tax; it would be channeled back to fuel users...