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...walkway was pulled away from Challenger. It could be repositioned within 15 seconds, but in an emergency that could be a fatal interval. The seven occupants were now wedded to their three combustible companions. One was the rust-colored external tank, 154 ft. high, which carried 143,351 gal. of liquid oxygen and 385,265 gal. of liquid hydrogen. Two lines connected the fuels to the orbiter, where they would be mixed at controlled levels to power the spacecraft's engines. The other two companions were the gleaming white boosters, each 149 ft. tall and packed with more than...

Author: /time Magazine | Title: Space: They Slipped the Surly Bonds of Earth to Touch the Face of God | 2/10/1986 | See Source »

Light also testified that he won an acquittal for Billy ("Wild Bill") Cutola, a Teamsters Union official who, he said, shot a suspected informant in the head. According to Light, the victim was stuffed into a 55-gal. drum, which Cutola then dumped into the East River. As Light tells it, the body's gases caused the drum to rise to the surface. "Next time, I'll know better," a jocular Cutola reportedly told Light after he was cleared of the murder charge. "I'll cut his stomach open...

Author: /time Magazine | Title: Protecting the Family | 2/10/1986 | See Source »

...York Mercantile Exchange, the nerve center of U.S. oil trading. "There was pure chaos on the floor," said Joel Faber, president of Faber's Futures and a governor of the exchange. As the price of crude fell, shipments of heating oil for February delivery plunged to 55.75 cents per gal., the lowest level since the late 1970s. Six blocks away, on the New York Stock Exchange, the Dow Jones industrial average dropped a total of 26 points on Tuesday and Wednesday before pulling out of its slump and finishing the week at 1529.93, down 6.77 points. Hardest hit were shares...

Author: /time Magazine | Title: Awash in an Ocean of Oil | 2/3/1986 | See Source »

...petroleum prices "a heaven-sent opportunity" to cut the federal budget deficit by taxing gasoline or oil. Martin Feldstein, who two years ago left his post as chairman of the Council of Economic Advisers to return to a teaching job at Harvard, has advocated a 20 cents-per-gal. levy on gasoline...

Author: /time Magazine | Title: Awash in an Ocean of Oil | 2/3/1986 | See Source »

...after a drop in the cost of crude before the price of such consumer products as gasoline and heating fuel would be affected. Refiners tend to delay passing along the savings to customers until competitive pressure forces them to do so. Yet gasoline prices, which currently average $1.21 per gal. in the U.S. compared with a peak of $1.42 in March 1981, could fall about 2 1/2 cents for every $1 decline in crude prices. The response of heating-fuel prices to an oil-price drop depends partly on the weather. A particularly cold winter would keep supplies tight...

Author: /time Magazine | Title: Spoiling for an Oil-Price War | 12/23/1985 | See Source »

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