Word: stripper
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...royalties in 1981, then to the profits from 2 bbl. of oil daily in 1982, then 3 bbl. in 1985 and thereafter. The tax on newly discovered oil will also drop, from 30% to 15% in 1986. Small independent oil producers who get crude from low-yield "stripper wells" will be exempted altogether in 1983. Despite Democratic protests that the provision is a giveaway to big oil, it benefits wildcatters far more than giants such as Exxon and Mobil. Treasury Secretary Donald Regan is probably right when he argues that the exemptions will help produce "whatever crude...
...saddle up with Rod Steiger as a U.S. deputy marshal in a western movie called Cattle Annie and Little Britches. Now Ford, 25, has signed on full time for a CBS daytime soap, The Young and the Restless. This time he plays a nightclub bartender who woos a stripper, played by comely Melody Thomas. Says Ford: "Melody and I did some pretty steamy love scenes last week. I told Mom I might not give her the air dates for those particular scenes." Not to worry. Former First Lady Betty Ford remains unruffled; last year she gave her unflagging support...
...chairmanship of the Ways and Means Committee is so powerful that the last man who held it, Wilbur Mills, was able to jump into the Washington Tidal Basin with Stripper Fanne Foxe and still win reelection. But his successor, Al Ullman of Oregon, did something even worse in the eyes of many constituents: he proposed a national value-added tax, which to many .voters in his district sounded suspiciously like the state sales tax that they had repeatedly rejected in referendums. In addition, while Ullman clambered up the rungs of power on Capitol Hill, he visited his home folks...
...Waits doesn't dwell on the lofty mega-platinum pinnacle of success enjoyed by groups like the Eagles and Fleetwood Mac, or by solo artists like Jackson Browne, but his albums and his frequent tours (on last year's, each performance was opened by a Waits-auditioned local stripper) have sold consistently well. His songs have been covered by several million-selling artists (including the Eagles), which means that Waits has been on the receiving end of a few fat royalty checks. A self-described follower of "life on a beer budget," one can't help but wonder what Waits...
Some drillers, however, are playing it conservatively by erecting rigs in areas of known oil and gas availability rather than "wildcatting" in new regions. They have found that profits are the same and success more certain with "in fill" wells, which are drilled between existing pumps, or smaller "stripper wells," which produce 10 bbl. or less per day. Explains Charles DiBona, president of the American Petroleum Institute: "A well that might have been abandoned before, because there was not enough oil to make it commercial, now will be completed because of the higher price...