Word: crude
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...royalties in 1981, then to the profits from 2 bbl. of oil daily in 1982, then 3 bbl. in 1985 and thereafter. The tax on newly discovered oil will also drop, from 30% to 15% in 1986. Small independent oil producers who get crude from low-yield "stripper wells" will be exempted altogether in 1983. Despite Democratic protests that the provision is a giveaway to big oil, it benefits wildcatters far more than giants such as Exxon and Mobil. Treasury Secretary Donald Regan is probably right when he argues that the exemptions will help produce "whatever crude...
...anthology concern a glowing green meteor that rolls around heaven all day, bringing troubles to all who touch it. These are variously comic, terrifying and erotic (if live actors were seen doing what drawn figures occasionally do here, the picture might have rated an X). But the animation is crude when it is not pretentious; the score, heavily laden with rock music, is positively bellicose; and the truncated tales told all betray their comicbook origins. As a result, one is constantly distanced from the movie. Perhaps it should be seen by people with something more potent than popcorn coursing through...
...rights to four oceanic basins off the northern California coast. The tracts are in the middle of rich commercial fishing grounds and are home to several species of threatened marine life. The U.S. Geological Survey estimates that the basins contain only about 300 million bbl. of crude, or roughly twelve days' worth of the nation's oil needs. Environmentalists have been joined in the battle to prevent sale by some conservative Republicans, who feel that the auction would be contrary to President Reagan's pledges to share federal power with the states because Watt did not consult...
...colleagues, are strained. That at least is the way their aides perceive it. At the Pentagon, Haig is seen as being overly sympathetic to the Europeans, despite their reluctance to commit sufficient funds to beef up NATO. At the State Department, Weinberger is regarded as clumsy and even downright crude in his approach to military issues that have diplomatic overtones, such as deployment of the neutron bomb and the upgrading of Theater Nuclear Forces in Europe...
Even before the Reagan Administration's program was announced, its policy of less Government involvement in energy was clear. Since January, the Administration has scrapped virtually all remaining vestiges of gasoline and crude oil price controls, chopped $3 billion from the fiscal 1982 Energy Department budget, scaled back conservation and solar research programs, and sharply curtailed investment in synthetic-fuel projects. Reagan Administration officials admit that under such a free market energy program, fuel prices will rise until they reach world levels. But they maintain that the payoff will be more conservation of precious fuel, higher domestic energy production...