Word: oiled
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Dates: during 1960-1969
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Some tax breaks for businesses were also modified. The bill calls for a repeal of the 7% business investment tax credit, a reduction from 27½% to 22% of the oil depletion allowance, and increased taxes on high-bracket capital gains. The bill puts a 4% tax on the investment income of foundations-a compromise between a stiff House bill and a nominal Senate measure...
...more support and solidarity. Arafat, who arrived aboard Nasser's plane, wants more money for his guerrillas and a straightforward declaration of support from every Arab League member. Nasser himself hopes to secure an increase in the annual subsidies that Saudi Arabia, Kuwait and Libya pay out of oil royalties to support their embattled brothers. The payments presently amount to $358 million, and before the summit Saudi Arabia and Kuwait demurred at any increase in their donations...
...Along. The Libyan junta plays up its dedication to the Arab cause. It warmly received Al-Fatah Leader Yasser Arafat and presented him with $240,000 for the guerrillas. But the U.S. and Britain are trying to get along with the new rulers, and the main reason is Libyan oil. Since the '67 closure of Suez, Libyan exports have doubled because high-grade Libyan oil lies closer to Europe without the canal than most Arabian oil. Thirty-eight companies, mostly American and British, presently pump about 3.7 million barrels a day. Libya now ranks as the third largest oil...
...supertanker Marpessa sailed serenely past West Africa on the second leg of her maiden voyage, an explosion suddenly ripped her hull. Last week the shattered hulk slipped to the bottom about 50 miles off Dakar. Marpessa was the biggest oil tanker to sink to date. Fortunately, she was empty-a narrow escape from what has become a serious threat to the surprisingly vulnerable ocean...
...potential for oil-pollution disaster has increased along with the size of tankers. In World War II 16,000-ton tankers were standard. Today 300,000-ton behemoths ply the sea, and larger ships are planned. As the Torrey Canyon dramatically demonstrated in 1967, one ship can cause a major calamity. In the past five years 94 tankers have foundered; two collisions occur every week. Then there is the rising risk of dangerous pollution from offshore oil wells. Last spring a presidential panel investigating the Santa Barbara Channel blowout concluded that the U.S. faces one major oil spill every year...