Word: drainings
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...Further Drain. What Ford had done was to bite the bullet as he had been urged, though people had differing views of the bullet he should bite. He signed a proclamation that raises the tariff on imported crude oil by $1 per bbl. starting Feb. 1 and moving up to a maximum $3 per bbl. on April 1. The tariff hike is only part of his total program, which calls for a dramatic increase in the price of oil to reduce consumption, along with a $16 billion tax cut to reimburse consumers. By launching the first part of his energy...
...Library of Congress report released last week puts the annual increase at a whopping $723. But for the President, the important point seemed to be to take immediate action. On signing the proclamation, he declared: "Each day that passes without strong and tough action results in a further drain on our national wealth. The tactics of delay and proposals, which would allow our dependency and vulnerability to increase, will not be tolerated by the American people...
...million (current circulation: 6.1 million). His fledgling two-year-old Out magazine was holding its own, but not much more. Aside from the Playboy clubs in England (which turn a neat profit thanks to their gambling parlors), the company's hotel-and-clubs division continues to drain profits from the flagship magazine, and Hefner's ventures into moviemaking have been disastrous (his most recent film: The Crazy World of Julius Vrooder). In an unpleasant omen for any corporation, the two outside members of Playboy Enterprises' board of directors resigned last month, citing as their reason "the current...
...hint of impatience. And after the last bell, he would rush home to his basement workshop, where he kept his rockets, photographic equipment, radio rig and chemicals, where he blew up the battery, and where the sink had lost its protective coating to acidic solutions Horowitz poured down the drain. His parents left him alone, realizing that he knew more about what he was doing than they did. Once, though, they cautioned him after his brother accused him of carelessness. Horowitz resented it. He was only having...
...more in goods and services?food, steel, planes, machinery, technology?to pay for oil imports. Unless the oil price comes down or the country sharply reduces its oil imports or substantially increases production, the U.S. will have to spend that extra $20 billion or more every year. This will drain off more of the nation's resources and build up trade debts that future generations will have to pay. In 1974 the rippling effects of rising oil prices contributed three or four percentage points to the U.S. inflation rate of 12%. The oil rise, which Yale Economist Richard Cooper called...