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...Administration has misjudged congressional sentiments on tax matters of all sorts. Example: Carter's plan to place a heavy excise tax on domestic crude oil was laudably designed to encourage energy conservation, but the Senate has balked at the size ($12 billion a year by 1981) of the levy-one reason why the energy bill has been bottled up for nine months. Carter has warned that if the bill is not passed soon, he will put a $5-per-bbl. import fee on foreign oil, but the cantankerous Senate last week voted to restrict his power...

Author: /time Magazine | Title: Business: Tussle Over a Two-Bit Tax Cut | 7/10/1978 | See Source »

...toward shipping berths 500 yds. out from shore at the tip of long, brightly lit piers. At one berth, the black shape of a tanker lies like a beached whale being fed intravenously. The tanker is hooked to four hydraulically powered feeder lines. All night long it will suck crude oil out of these cold mountains for the lamps and fires and engines of America...

Author: /time Magazine | Title: In Alaska: An Oil Tanker Sails | 6/19/1978 | See Source »

...room. "She's trim by the stern now, but I'll have the draft more forward when we leave. Out to sea, I'll pull in the ballast, and she'll be flat." Translation: Portz is monitoring the 106,000-bbl.-per-hour rush of crude oil into 13 separate storage tanks, some big enough for full-court basketball. The ship must settle on an even keel, yet the tanks cannot be filled simultaneously because it could lead to spills. Portz has to route, or "pinch," the flow back and forth to maintain a rough equilibrium...

Author: /time Magazine | Title: In Alaska: An Oil Tanker Sails | 6/19/1978 | See Source »

...Anchorage's keel rides 52 ft. below the surface like the bottom of a rogue iceberg. Imagine a seven-story office building a block long filled with crude oil, and a sense of the economic and environmental impact of an average supertanker comes clear. A single trip south is worth $11 million to Arco. Refined, this one load could fuel 20,000 cars and heat 6,000 average-size houses for a year. If spilled, it would foul hundreds of miles of coastal beach, kill unbelievable amounts of sea life. Either way, the stakes are high...

Author: /time Magazine | Title: In Alaska: An Oil Tanker Sails | 6/19/1978 | See Source »

...contemplate how little imagination has gone into this effort. The rudimentary plot is set forth in a gee-whiz script that stops at nothing, including the invocation of prayers, in its pursuit of the cornball. The obligatory beach-riot scene is a crude recapitulation of the one staged by Spielberg three years ago. Instead of presenting fleshed-out characters (and actors like Robert Shaw and Richard Dreyfuss to play them), Jaws 2 is largely populated by nubile teenagers who appear to be graduates of the Mickey Mouse Club of Dramatic Arts. When these kids meet their unsavory fates, one feels...

Author: /time Magazine | Title: Cinema: Overbite | 6/19/1978 | See Source »

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