Word: rising
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Dates: during 1970-1979
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...already suffering increasing economic upset from energy inflation, and now the malaise will worsen. According to Administration calculations, the cost of crude oil imported into the U.S., which last month averaged $25 per bbl., will rise to from $28 to $30. Several of the nation's most important OPEC suppliers, including Nigeria and Libya, are also among those that lifted their prices the most...
...projected increases are expected to raise the nation's oil import bill from about $62 billion this year to more than $83 billion, representing a rise in fuel costs of $80 for every American citizen. The increase, said Energy Secretary Charles Duncan, could add from 4? to 8? to the retail price of a gallon of gasoline in the coming weeks, and 3? to 7? to the cost of home heating oil, a major expense for consumers in the import-dependent Northeast. Several of the largest oil companies, including Exxon, Mobil, Chevron and Texaco, last week announced wholesale gasoline...
...result, third-quarter profits of Exxon, Mobil, Texaco and Socal jumped by anywhere from 73% to 211%. The revenue surge enraged the Saudis; Oil Minister Ahmed Zaki Yamani argues that Aramco's parents have been grossly profiteering from Saudi "generosity," suggesting that last week's Saudi price rise of $6 per bbl. was in part at least to punish them. In fact, Aramco's shareholders have been selling their oil products in the U.S. for prices just a bit below their competitors'. If the discounts had been any bigger, long lines would have formed at Exxon...
...then collects a production fee of 25? per bbl. But 85% of its payments are considered Saudi income taxes, which Aramco's four parents ultimately can use to reduce their U.S. income taxes. Every time Saudi Arabia increases its oil prices, Aramco's local tax payments rise, and so do its benefits under the U.S.'s so-called foreign tax credit. President Carter has vowed to tighten up on the credits, but he has not made much progress partly because Aramco's owners argue that they need the benefits to stay competitive in world markets...
...treaty signing, Cairo can easily meet its foreign exchange needs. The largest source of funds is the money sent home by Egyptians working abroad; this will total $2 billion in 1979, up from just $200 million six years ago. Suez Canal revenues will bring in $600 million and could rise to $1 billion a year by 1982, after the waterway is widened to allow two-way traffic. Another burgeoning source is tourism, which will yield $700 million this year...