Word: oiled
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Dates: during 1960-1969
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...more ways than one, oil is power...
...energy, serves as the basis of some of its most fa bled personal fortunes and influences its foreign and domestic policy. Now the Nixon Administration and the Congress are conducting some long-over due reappraisals of the Government's policy toward the oil industry itself...
...find answers, President Nixon has appointed a task force that includes prac tically his entire Cabinet and ordered it to report to him this fall on oil policy...
...congressional committees are also scrutinizing the industry. The inquiry is likely to be more intense than in the past, since many of oil's longtime friends in high places have departed. Lyndon Johnson has retired; former House Speaker Sam Rayburn and Senator Robert Kerr are dead. Louisiana's Rus sell Long is left to defend the industry against such Senate reformers as Edward Kennedy, Edmund Muskie, Philip Hart and William Proxmire. Oilmen have mobilized their own forces in a desperate battle to protect their interests...
Dwindling Reserves. The prime tar get of the critics is the oil depletion allowance. It permits owners to deduct from their taxable income 271% of the value that each well yields; more over, the deduction can be taken as long as the well produces, even if the original cost of exploration and devel opment has been returned many times over. The allowance was partially responsible for the fact that no taxes at all were paid by 155 U.S. citizens who earned more than...