Word: weekes
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Dates: during 1970-1979
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With the two bills now virtually wrapped up, the Senate also began debate last week on the toughest Carter proposal: a new tax on extra profits that U.S oil companies could make from OPEC price increases. Because the price of American petroleum has been controlled by Washington since 1973, most domestic oil sells for only about half as much as OPEC crude. To encourage both conservation and exploration, the President proposed raising U.S. prices to world levels. But he linked that measure to an additional 50% tax on the oil companies' so-called windfall profits. Under Carter...
...leader of the Senate debate, says the tax is the political cost that the energy industry must pay in order to end crude oil controls. Long, who himself has extensive oil holdings, argues further that the nation can no longer afford a witch hunt against the petroleum companies. Last week he told a cheering Manhattan meeting of energy producers: "Those who defame us, curse us, abuse us and lie about us, would be in one hell of a fix without us." The Senate is expected to pass a windfall profits tax in early December, probably about $200 billion...
Meanwhile, Chrysler's rescue plans move sluggishly. Under the Government's $1.5 billion loan guarantee plan, the company must come up with an equal amount of outside help. But banks are showing reluctance to sink more money into the troubled company. Chrysler thus last week was asked by the Government to step up its so far futile efforts for a possible joint venture with a Japanese or European car firm in order to raise additional cash...
Whether they are model drivers or hot-rod hellions, men aged 16 to 24 are usually socked with screechingly high auto insurance premiums. That discrimination could end if an experiment started in Connecticut last week by Motors Insurance Corp. is adopted by other companies. MIC, owned by General Motors, will make highway performance-not age, sex or marital status-its guide to rate setting...
...airlines were hotels, most of them would be out of business. This familiar plaint of the frequent passenger was quantified last week with publication of a 1980 travel guide assembled by Egon Ronay, one of Britain's most acerbic critics of pretentious food and sloppy service. For the first time in its 22 years, Ronay's Lucas Guide (Penguin; $9.95) goes beyond its customary survey of British restaurants and inns to rate-and berate-14 Britain-to-North America carriers. Some of them may want to head for the nearest cloud...