Word: decontrolling
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...sometimes seemed to lose his concentration in the middle of a speech and wander through rambling, almost incoherent sentences. Now he raps out short, crisp remarks, sometimes punching at the air like a boxer for emphasis, and spices his delivery with sarcastic wit. Deriding Carter's claims that decontrol of oil prices will spur more domestic exploration for petroleum, he notes that Mobil several years ago used some of its rising profits to buy Montgomery Ward. He asks: "How much oil do you think they'll discover drilling in the aisles of Montgomery Ward department stores...
Last week a House-Senate conference committee approved a key measure in President Carter's energy program by adopting a $227.3 billion windfall-profits tax on oil companies. This tax is part of the phased decontrol of oil prices. By allowing the controlled U.S. price to rise to the world level, which now averages $30 per bbl, the Administration hopes that energy consumption will be reduced and domestic production increased. The President is expected to sign the bill later this month...
Like Reagan, Crane favors the Kemp-Roth tax bill, development of the MX missile, the B-1 bomber, the neutron bomb, nuclear energy, the decontrol of oil, the prohibition of abortion and the easing of environmental regulations to allow the burning of coal...
Carter's tax is intended to skim off much of the increased revenues that the companies have been earning from the decontrol of domestic crude oil prices. But how big a tax, and for how long, have been major areas of congressional dispute. A joint congressional conference committee headed by Louisiana Senator Russell Long and Oregon Congressman Al Ullman finally agreed on the size. In a sharp horse-trade, they split the difference between a House-passed bill that might have yielded $277 billion over the next ten years and a Senate version that might have produced about...
Politically, some windfall tax was necessary to make crude oil decontrol, which is helping to cut energy consumption by raising petroleum prices to the world level, acceptable to both the Congress and the public. Whatever its political virtues, the tax hardly seems geared to help meet another key energy policy goal: boosting domestic oil production to the maximum. Instead of using tax incentives to coax as much crude as possible from the ground, the compromise so far amounts to little more than a confusing grab bag of mini-taxes. The three main components...