Word: profitability
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Dates: during 1970-1979
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When crude petroleum enters a refinery, the buyer records its price. To that figure the refiner is allowed to add a margin varying in size to cover processing costs and profit. Until this year, the price of a refiner's product was based on how large a percentage of a barrel of crude it represented. That was considered unfair in the case of gasoline, which costs more to produce than most other oil products. So the refiner was allowed to increase his margin on gasoline by an average...
...House Ways and Means Committee approved a tougher tax or oil-company "windfall" profits than Jimmy Carter had proposed. The President's plan would have let oil companies keep 29¢ to 34¢ of each extra dollar in profit that they make from the decontrol of domestic oil prices that Carter began June 1. The Ways and Means bill reduces the figure to between 17¢ and 23¢. It is likely to be watered down in the Senate, and end about where Carter wanted...
...strike was touched off by the owner-operators' difficulties in getting fuel at fair prices. But the shutdown quickly brought to the surface deeper and long festering resentments. The drivers, who often operate on very low profit margins, felt they deserved fast financial relief. They argued that cumbersome federal regulations have long favored the big trucking companies, which are not on strike, and discriminated against smaller owners. Under federal rules, to carry anything except agricultural products, the independents must drive under contract to the big companies. When they hire out, they must pay the company between...
...main reason for the exodus is a barbarous policy of racism being carried out by the Hanoi government. The great majority of Vietnamese refugees are ethnic Chinese, and in effect the government is expelling them for profit. The ancient antagonism between the Vietnamese and their Chinese fellow citizens was aggravated by the recent Sino-Vietnamese border war. That indecisive conflict evidently caused Hanoi to regard its Chinese population of about one million as a potentially dangerous fifth column. Some refugees arriving in Hong Kong and elsewhere say they were given a choice of emigrating or moving from cities...
...year's end. Yet Giscard has so far taken only mild measures to conserve oil: lower home heating levels, stricter speed limits and vague ideas on producing a more economical car. Inflation remains a serious concern. Last year, seeking to buck up the investment rate by improving profit margins, the French removed the price controls maintained on many goods. But that kicked living costs up sharply-and is a big reason why 1979 inflation is expected to climb above the officially projected...