Word: crude
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...bought, refined and sold in Europe and elsewhere in the Eastern Hemisphere v. only a 16% increase from its business in the U.S. Domestic operations have been relatively less lucrative, in part because the Federal Energy Office controls most prices for petroleum products. But rising worldwide prices of crude also have pushed up domestic prices. Imported oil is free from F.E.O. regulation, and the companies charge as much for it as the market will bear...
Investors are wary of sinking money into an industry whose most visible asset-access to foreign crude oil-is threatened with nationalization. They are reluctant to risk their savings in an industry that attracts heated criticism -and invites price rollbacks-when it rolls up an unusual profit. Moreover, the oil companies are falling deeper into debt. A top Manhattan banker reports that 37 of the largest U.S.-owned oil companies have been forced to finance an increasing portion of their capital expansions by going into long-term debt because of difficulty in raising funds through the preferred method of selling...
Depletion allowances aim to compensate the owner for the decreasing value of his well as oil is pumped out of it, and in 1972 they saved the oil industry $1.4 billion in taxes. Since the price of crude oil on which the size of the depletion allowance is based has doubled over the past year, the write-offs will be even greater in 1973. Most of these deductions come from domestic oil production, but oilmen can also use the depletion allowance to reduce U.S. taxes on their foreign income...
...jaws in question-vast, inexorable, connected not to a mentality but to an appetite-are those of cliche and crude literary calculation. The man pulling the string that makes the cruel teeth clack together is First Novelist Peter Benchley, 33, son of Writer Nathaniel Benchley and a grandson of the great funnyman Robert Benchley...
Nabokov's abhorrence of Freud, "the Viennese witch doctor," is famous. Freud's vocabulary is simply too crude--maybe because it's too useful. His words are ones we use and over-use--"ego," "repression"--for want of better ones. This is not good enough for someone whose whole business is the delicate shading of every sense and tone. Such horrors as the scene in The Magic Mountain when Thomas Mann has his heroine ask to borrow the hero's pencil are ample warning that novels ought to be sources for the psychologist and not vice versa. For Nabokov...