Word: crudes
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Dates: during 1970-1979
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Senator Kennedy warns against additional defense spending that will cause a "disproportionate share" of the costs to be borne by "the poor, the black, the sick, the young [why did he forget the old?], the cities and the unemployed." By my crude calculations, this leaves about 6% of us who will be obliged to pay a ''proportionate share...
...years shale oil remained undeveloped because conventional petroleum always hovered about $2 below the projected price of shale. Capital development costs have inflated almost as fast as OPEC prices. In the 1960s, when crude was selling for $2 a bbl., estimates were that oil from rock could be produced for $4 a bbl. Now, with world prices going up almost daily beyond the $23.50 OPEC level, shale oil may be produced for $30. But spurred by the ever higher price of crude, a group of energy entrepreneurs aim toward turning out more than 200,000 bbl. of shale...
...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...
...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...