Word: crude
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...Carter warned the American people that the oil companies would try to take advantage of the energy crisis, and that he would do all in his power to stop them. At that time, he proposed a crude oil equalization tax, which would have taxed all profits oil companies gained from a loosening of price controls. When the measure failed to pass, he switched to the Republican solution--oil price decontrol. He did not, as he should have, make his decision to decontrol oil prices conditional on a strong windfall profits tax. Nor did he push for legislation requiring...
...Hassan and make him more amenable to seeking a negotiated settlement. The question is exceedingly tricky: Washington does not want to betray Morocco, a longtime ally. But neither does it want to jeopardize its improving relations with Algeria, and not merely because that country now supplies 9% of U.S. crude oil imports. Last week President Carter decided that the U.S. must support Morocco with the arms sale, though the transaction has also to be approved by a wary Congress. Then he sent Deputy Secretary of State Warren Christopher to Rabat to urge the King to seek a compromise...
...President's broadside was recklessly inaccurate, and embarrassed White House staffers had to rush to issue "clarifications," The trillion dollars, a White House aide explained, is actually the amount of additional oil revenues-not profits-that the companies will receive as a result of decontrol of domestic crude oil prices over the next ten years. What Carter meant to say, the aide insisted, was that the Senate version of the windfall tax bill will leave the industry with $130 billion more in profits from decontrol than the House measure. Other aides meanwhile tried to downplay and defuse the remarks...
...OPEC nations go, so go the countries that pump the approximately 40% of the free world crude that is not under the cartel's control: last week both Britain and Canada moved toward higher prices that will keep the cost of their oil in line with, or even a little ahead of, what OPEC is currently getting...
...energy, Kennedy originally opposed ending Government regulation of crude oil prices, calling decontrol "the worst form of rationing because it is rationing by price." Nowadays, however, he seems resigned to Carter's decision to abolish price controls. Kennedy is also skeptical of Carter's synthetic-fuels program. The Senator favors encouraging conservation, and he has proposed making available $34 billion in grants and loans to homeowners and industry for energy-saving projects...