Word: nationalized
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Dates: during 1970-1979
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...attacks are only fanning suspicions and dividing the nation instead of providing sober answers to the questions that bedevil the public. Among them...
Much of the cartel's wealth has been squandered on well-intentioned but poorly planned and executed development schemes: atomic power plants for Iran, whose bountiful natural resources can meet that nation's energy needs for a century or more; steel mills and petrochemical plants at remote desert sites throughout the Gulf, where transportation costs alone render the products uncompetitive...
Though the Seven Sisters dominate the industry, their influence and power are actually being cut down by the energy upheavals of the 1970s. This winter the worldwide shortage of crude has encouraged one nation after another, and numerous independent oil firms, to deal directly with OPEC, in effect short-circuiting the big multinationals. Says Thornton Bradshaw...
...well. As the energy squeeze has worsened, the company has grown so preoccupied with its public image that these days it spends 78% of its $18 million network-TV and magazine advertising budget not on selling products but on promoting its business as one essential to the nation's strategic interests. No longer merely a department title, public affairs affects who is promoted and who is fired within the company, and what actually gets decided. Confesses Chairman Garvin: "I simply do not know of any operating decisions that now get made without lots of awareness of the political and public...
...companies, however, the credits produce a perversely beneficial result. Instead of simply holding their U.S. tax liability to the nation's corporate rate of 46%, which is what they are intended to do, the credits sometimes let companies pay no taxes at all on their foreign profits. The basic reason: if a company has to pay taxes of more than 46% on its profits in a foreign country, the excess is counted as a credit. Then the company can use the credit to reduce or even totally wipe out income taxes owed...