Word: crude
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...signs of optimism were real, and they marked the beginning of Britain's long-anticipated great oil bonanza. With crude from the North Sea fields coming ashore at the rate of 830,000 bbl. per day, the nation will produce about half of the oil that it consumes this year, saving some $3.6 billion in its balance of payments. Oilmen expect that the country will be come self-sufficient in petroleum by 1980. Said Prime Minister James Callaghan after a visit to the huge "Forties" field: "God has given us an opportunity we have not had in a century...
...great part of my people are in what I can only describe as a state of apostasy. Instead of worshipping God and only God, instead of following and being true to the idea of Justice... they are not only doing the reverse, not only taking refuge in the most crude tribalism and worship of force, but literally cutting the branch on which they are sitting, I say to them: By your hypocrisy and double-thinking, by your condoning and supporting racism and oppression, you are bringing a calamity on your own heads. Everything that is done to Palestinian-Arabs, with...
...these sessions, light heavyweight Cookie Wallace provided an imitation of Ali that resulted in Wallace sacrificing his upper mandible for Shavers's benefit. Wallace taunted Shavers, a la Ali, and stuck his face out to receive Shavers's blows in a crude and masochistic simulation of Ali's "rope-a-dope" technique...
...Wellhead Tax on Oil It is designed to cut fuel consumption by lifting the price of U.S.-produced crude by 1980 to the higher world level charged by OPEC. The White House wants to rebate the proceeds of the tax to consumers. The House agreed. But last week Louisiana Democrat Russell Long, chairman of the Senate Finance Committee, said his committee "will not vote these big taxes" unless the receipts go not to consumers but for use in developing new sources of energy such as gas from coal. If the tax is passed without a rebate, consumer bills for fuel...
...official to the point of showing up in written long-term contracts. Instead, the discounting is being done on the relatively volatile spot market, which accounts for a small part of overall sales. So far, the discounts have not spread to the most popular grade of oil, light crude, which is used for gasoline. Limited though they are, the price reductions have badly hurt Egypt, which needs all the money that it can get from sales of its heavy-grade oil. Venezuela, also a big producer of heavy oil, is attempting to buck the trend by increasing prices, mainly...