Word: crude
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Dates: during 1970-1979
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...debate last week on the toughest Carter proposal: a new tax on extra profits that U.S oil companies could make from OPEC price increases. Because the price of American petroleum has been controlled by Washington since 1973, most domestic oil sells for only about half as much as OPEC crude. To encourage both conservation and exploration, the President proposed raising U.S. prices to world levels. But he linked that measure to an additional 50% tax on the oil companies' so-called windfall profits. Under Carter's recommendation, energy companies would pay $291 billion in extra taxes over...
Although he philosophically opposes any windfall levy, Louisiana's Russell Long, the Finance Committee chairman who is the floor leader of the Senate debate, says the tax is the political cost that the energy industry must pay in order to end crude oil controls. Long, who himself has extensive oil holdings, argues further that the nation can no longer afford a witch hunt against the petroleum companies. Last week he told a cheering Manhattan meeting of energy producers: "Those who defame us, curse us, abuse us and lie about us, would be in one hell of a fix without...
Strippers take off because crude really pays...
...major oil companies and the nation's 12,000 independent smaller operators, who account for about 80% of all drilling, were putting off new exploration. Major reason: uncertainty over the decontrol of oil prices and new natural gas pricing regulations. The turning point came in June when crude began to be decontrolled. Oil from wells "newly discovered" after Jan. 1, 1979, began to sell at $28.81 per bbl. delivered to the refinery, rather than the artificially controlled price of $13.86. The additional oil from older wells produced by "enhanced recovery" methods, like the injection of steam or chemicals...
...West, a major reason the East bloc's surging prices is the inflation in world oil. Russia is energy self-sufficient, and it supplies European satellites with about 80% of their needs. The prices of that crude are based on an OPEC formula, and they are going up-albeit at a slower rate...