Word: oilmen
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Least Popular Industry, Lifetime Achievement Category Big Oil struck a gusher of bad publicity again. Little more than a year after the Exxon Valdez disaster, the industry got blamed by just about everybody for rising gas and fuel prices in the wake of the Persian Gulf crisis. Oilmen denied any profiteering, but several firms posted huge increases in earnings...
Until recently, drilling in the Gulf was concentrated close to shore in water as shallow as 9 m (30 ft.). But now that most of those easy-to-tap reserves are depleted, oilmen are looking to the slopes of the continental shelf, hundreds of meters deep and 160 km (100 miles) or more from land. The cutoff of oil supplies from Kuwait and Iraq and the resulting run-up in prices have lent new urgency to the exploration ventures, some of which have been in the works for a few years. "Oil at $30 to $40 a barrel is suddenly...
...North Slope just west of the Canadian border, the 19 million-acre refuge is home to several hundred Eskimos, grizzlies, musk-oxen, wolves, migratory birds and a herd of 180,000 caribou, whose majestic spring migration has inspired naturalists to call the preserve "America's Serengeti." But to oilmen and Alaska politicians, the refuge's 1.5 million- acre coastal plain is a potential lode of black gold...
...with Wright. Let him be the Congressman from Fort Worth's 12th District, a place filled with the Texas legends of cattlemen and oilmen and other buccaneers who tamed a wild land. He can still be a hero there if his people choose. But Wright became Speaker of the U.S. House of Representatives. "In power and prestige, the Speaker can be compared only with the President and the Chief Justice of the United States," wrote Neil MacNeil in his book on the House, Forge of Democracy. "He has been the elect of the elect." That is the way Sam Rayburn...
...that earned and unearned income should be taxed equally. Bush also retains an unmistakable affection for the kind of special-interest tax breaks that the 1986 legislation was designed to curtail. The President has quietly asked Congress for $2.7 billion annual tax reductions for business, including $400 million for oilmen, who include some of Bush's most faithful supporters. In comparison, the Administration's aggressively ballyhooed child- care tax credits for low-income families would cost around $2.5 billion...