Word: oilmen
(lookup in dictionary)
(lookup stats)
Dates: during 1980-1989
Sort By: most recent first
(reverse)
...complex "netback price" arrangement, under which sellers effectively charge the market rate for oil rather than the officially posted price. As a rough rule of thumb, the system could net the Saudis $2 to $2.50 less than the established OPEC price of $28 per bbl. While Middle East oilmen could not confirm last week that the Saudis had signed any such agreements, trade sources elsewhere said that the U.S. oil giants Exxon, Mobil and Texaco would buy some crude under the discount system...
...weeks ahead, Mexico may ask whether international bankers and Saudi oilmen are conspiring as well. A little more than a month ago, Mexico's Finance Ministry admitted that inflation was running at 59% instead of the 35% prescribed by the International Monetary Fund, and the budget deficit was about 8% of total economic output for 1985, instead of 5.3%. Since Mexico has not met the fund's terms, it would normally not be allowed to draw on a $900 million line of credit that remains from a three-year $3.4 billion IMF loan. "We could never have complied with that...
...Oilmen would finally lose their long-cherished depletion allowance. It would be phased out over five years, except on the very smallest wells (those producing 10 bbl. a day or less). But oil operators saved a far more important tax benefit. The Treasury had originally wanted to make them stretch out over a period of years write-offs for "intangible drilling costs," including everything from engineering studies to geologists' expenses. The final plan, however, allows the oil operators to continue taking all the write-offs immediately. While industry lobbyists still protested the impending death of the depletion allowance, some individual...
While high-tech executives are jubilant and oilmen sigh with relief, builders and real estate operators are aghast. The tax changes specifically targeted at their industry, such as the extension of the "at-risk" rule for shelters and new guidelines on what profits qualify for capital-gains treatment, are just the start of their troubles. Like other businesses, they will get less generous deductions for depreciation, and that is an especially important item for them, since their business consists so heavily of dealings in those highly depreciable properties, buildings. Adding up all the ways in which realty taxes will...
Already Southwestern oilmen have formed an odd-couple alliance with East Coast Jewish groups called the Council for a Secure America. Their shared interest is to avoid U.S. dependence on Arab oil by encouraging domestic oil exploration. Now the lobbyists who dreamed up that coalition are trying to form a congressional link between Texas (oil and gas) and New York (deductibility of state and local taxes). "We'd have 61 votes in the House," says Dan Dutko of the Council for a Secure America. "It would be by far the largest single bloc on the issue." Congress cannot afford...