Word: gushers
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...news of the latest profits gusher reached the White House just as Carter was sending Congress his proposal for the windfall tax, and he seized the opportunity to make yet another appeal for passage, saying that the industry is "already awash" with profits. The occasionally populist President shows a deep distrust of large oil companies, and they are perfect targets for a bit of demagoguery because much of the public dislikes them too. Carter's verbal overkill is also intended to deflect public fury from the White House when gasoline prices, which are already rising sharply, go up even more...
Since it opened on Memorial Day weekend, Resorts International's casino in Atlantic City, has been a greenback gusher, grossing $119.3 million-a take bigger than that of any Nevada gambling house. But last week it seemed as if the well might run dry. New Jersey Attorney General John Degnan issued a 115-page report urging that Resorts be denied a permanent gambling license when its temporary permit expires...
They offer substantial write-offs for the cost of labor, exploration and other "intangible drilling expenses," which often comprise 70% of the investment. If high-income investors hit a gusher, they get richer; if not, they do not lose much because a lot of their invested money would have gone for taxes anyway...
...liberals like Mike Dukakis and Jerry "Jarvis" Brown are discovering precious little sustenance from the earth they scorched in a vain attempt to hold off the advancing barbarians. This is the year the swell for labor law reform hit a crosswind; the year natural gas deregulation came in a gusher. This is the year of The Great Temptation to trumpet a Right-Wing Trend. Well, get thee behind me, Satan. Because this is a year like most years in American politics...
There was no gusher. Instead, pressure gauges simply showed that something-oil or gas-was trying to come up. Hours later, a mixture of mud, water and natural gas vented from the wellhead in a cloud that when ignited whooshed into a 30-ft. flare visible 20 miles away. A second test at 13,000 ft. yielded indications...