Word: oilmen
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Whatever the Rolling Stones had in mind, Gimme Shelter is the universal order of the rich to their tax lawyers. Nearly everyone is aware that some Texas oilmen regularly "drill away" their entire tax indebtedness by charging off the same amount as the cost of new drilling projects and at the same time keeping themselves comfortably afloat on the high tax savings allowed seekers of black gold. Less familiar is the fact that Christmas-tree growers successfully persuaded Congress to write a special provision into the tax law granting capital-gains benefits for their product after the IRS had ruled...
...Kennedy thus must continue to play at campus fringe radicalism while maneuvering Democratic forces along pre-McGovern battlelines social security housing subsidies, welfare statism. He thinks he can win there, So Kennedy's side-burns go up the ducktail goes away, Westwood disappears beneath the boots of a Texas oilmen's lawyer and a tone of magnanimity enters criticism of Nixon...
...domestic output, which accounts for about three-fourths of the 12 million bbl. of oil that the nation needs each day, have been loosened; Texas wells are now allowed to produce at 100% of theoretical capacity. But the U.S. industry has been unable to meet demand, and even some oilmen have been asking for a boost in the imports. The heaviest pressure has come from independent refiners; unlike those controlled by big, integrated producing companies, they must buy crude wherever they can find...
...spent on rail as well as highway transit projects. These executives are worried about a future shortage of oil, which they want to conserve. It is remarkable that some top businessmen are contemplating means to reduce demand for their basic product. Even more remarkable, this rejiggering of the oilmen's past philosophy puts them in the same camp as their most outspoken critics-the environmentalists...
Energy Policy. Beyond the environmental fight loom arguments over international law, politics and economics. Americans use 5 billion bbl. of oil a year, and the industry estimates that domestic demand will double by 1985. But proven U.S. reserves-chiefly in Texas, Louisiana and Alaska -are only 39 billion bbl. Oilmen insist that unless great new domestic deposits are found and exploited, the U.S. will become dangerously dependent on the politically mercurial oil-producing countries of the Middle East, Africa and Latin America. Further, big oil discoveries in the U.S. Northeast would sharply cut the costs of transporting oil to those...