Word: arcos
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...monthly surcharge on the average household; the bite could rise to $2.50. Industrial users, of course, will pay much more-depending on the amount of gas they consume. The utility will periodically turn over the proceeds, which ultimately will amount to $313 million, to Atlantic Richfield Co. (Arco), the nation's ninth largest petroleum company. Arco will use the money to pay interest and other costs of borrowing funds to develop its big gas deposits on the North Slope of Alaska. In return for the advance of the money, SoCal Gas gets the exclusive right to negotiate...
...contrast, SoCal Gas will pay tax at the full 48% corporate rate on the money it receives by levying the surcharge. Thus, in order to get $313 million to pay to Arco, SoCal Gas will have to collect some $600 million from customers. In the unlikely event that the deal falls through, Arco would refund the SoCal Gas advances plus 7% interest. Then SoCal Gas would return the Arco refund to the consumers. The IRS would rebate the income taxes paid on the money raised for the Arco advance, so the consumers would get back the full $600 million...
...effort is also under way in the legislature to enact an involved scheme under which taxes would be eliminated on the surcharge levied by SoCal Gas on consumers, so that SoCal Gas would not have to collect almost $2 for every $1 to be advanced to Arco. Nonetheless, the SoCal Gas-Arco deal reflects some hard realities: 1) the nation currently faces a severe shortage of natural gas-supplies this winter, in fact, are expected to fall 15% to 30% below demand; 2) developing new supplies is expensive; 3) federal controls, by keeping the price of gas artificially...
...Juan and Amy's planted ideas were purposely kept simple, explains Program Director George Kriste, so that others "wouldn't think they had to be an engineer to contribute." That was no problem, to judge by the number of engaging but totally impracticable suggestions that flooded into Arco's Los Angeles headquarters. For instance, a Chino, Calif., contributor, Dale Jennings, suggested that ardent energy savers be allowed to ride "Bumper-Snatchers"-lightweight pedicabs that could be hooked onto the bumpers of gas-guzzling regular cars at stop lights or highway ramps for a free ride. Another Californian...
...Arco judges its idea-picking campaign to be a resounding public relations success. "People are calling us an enlightened company," smiles Executive Vice President E.M. ("Mo") Benson. The next step is to see if that enlightenment is contagious. Many private and public transit companies could put the most feasible ideas to good use. But first Arco is forwarding its favorite schemes to the U.S. Department of Transportation, hoping that officials there will consider the fresh new slants that were suggested by concerned Americans...