Word: oiled
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Dates: during 1960-1969
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Depletion Cut. The key feature of the House committee's reform plan was a slash in depletion allowances on oil and certain other extractive products. The law that is now on the books permits oil-well owners to deduct from their taxable incomes 27½% of the value that each well produces regardless of drilling or operational costs. Long deadlocked over the question of depletion cuts, the committee finally approved 18 to 7 a proposal to drop the allowance to 20%. The compromise move, which surprised even Committee Chairman Wilbur Mills, came after Louisiana's Hale Boggs...
Boggs, now majority whip, would like to become Speaker eventually. He realizes that the surtax is necessary and that some degree of reform is probably unavoidable. Recently, reports TIME Congressional Correspondent Neil MacNeil, Boggs met secretly in New York City with a number of oil and sulphur executives. He advised them that some reduction in the depletion allowance was necessary in order to prevent even more drastic changes in other tax regulations bearing on their industries...
Making Everyone Pay. Although the reduction of the depletion allowance and the tightening of write-off provisions that are now enjoyed by the oil industry are expected to bring in just $600 million a year in additional revenues, the psychological impact of the cuts would be great. The depletion allowances, whose whole purpose is to help offset the costs of finding and exploiting new mineral sources, are regarded by many as the most blatant example of special tax privilege for industry...
...damage was already done. An estimated 2,000 soldiers and civilians, mostly Hondurans, were reported dead. Honduran bombs damaged El Salvador's biggest oil refinery. The future effectiveness of the Central American Common Market, which has brought a surprising amount of industrialization to the region of the combatants in the past nine years, was imperiled, and the area's main lifeline, the Inter-American Highway, was closed down by the fighting. In the wake of death and damage, a legacy of bitterness was created that might well bedevil the two neighbors for years...
...unloaded its bomb on the Honduran capital, six World War II-vintage Mustangs, which comprise the bulk of El Salvador's air force, hit several Honduran garrison towns. Next morning, Hondurans wheeled out its eleven old, fold-wing Corsairs and sent them to bomb Esso oil tanks at two Salvadoran ports, Acajutla and Cutuco...