Word: crude
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...Israel would give up the Abu Rudeis oilfields on the Gulf of Suez. The fields now pump 36.5 million bbl. of oil a year, roughly 50% of Israel's total domestic needs. Without the crude, Jerusalem would be even more dependent than it is now on its chief foreign supplier, Iran, which has been growing increasingly critical of Israeli policy in recent months. The cost in foreign exchange would be $350 million per year, a critical sum for a country that is already running a deficit of $3 billion...
...well lead to countercoup or renewed civil war. Foreign diplomats in Nigeria also fear that Mohammed's Moslem background might lead to a less moderate policy toward the Arab-Israeli conflict. Under Gowon's leadership, Nigeria, an OPEC member and in recent months the largest exporter of crude oil to the U.S., did not participate in the Arab boycott against Israel's allies after the 1973 Middle East...
...industry has one powerful incentive to swallow its disappointment at the low discovery rate and keep looking hard for crude: all oil from new wells is exempt from federal price controls and sells currently for about $12.50 per bbl.-versus an average price for domestic crude of $5.62 in October 1973-and President Ford has vetoed congressional attempts to force a rollback. So the price should be more than enough to make a new well lucrative-provided it is the one in seven that actually hits...
...reconcile Ford's insistence that oil prices must be allowed to rise substantially-in order to stimulate U.S. production and diminish the nation's dependence on OPEC imports -with the Democrats' fears that the rises would be inflationary and impede economic recovery. At present, "old" oil -crude pumped in amounts equal to what was produced in 1972-is price-controlled at $5.25 per bbl.; "new" oil is uncontrolled and sells at about $13. The President's new bill would gradually lift the controls on old oil over a 39-month period. Each month more oil would...
Windfall Profits. Also, the bill would establish an initial ceiling of $11.50 per bbl. for all oil; that would force an immediate rollback of about $1.50 per bbl. in the present price of uncontrolled crude. Then the ceiling price would be increased five cents each month through November 1978. The plan also calls for taxing oil companies' "windfall" profits and returning part of the money to the consumer, perhaps in the form of a tax rebate...