Word: barreling
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Dates: during 1970-1979
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...offender is the so-called entitlements program. It was set up under Gerald Ford in 1974 to equalize the burdens of surging import prices between refineries that depend on expensive foreign oil and those with supplies of low-cost domestic petroleum. The complex program works this way: for every barrel of domestic crude that a refinery processes, the company must make a payment into an entitlement pool. The payment raises the price of each barrel of domestic oil halfway up to the cost of more expensive OPEC crude. At the same time, any refinery that imports costlier OPEC crude gets...
...source, OPEC oil is cheaper than dirt. The cost of drilling, pumping and moving it from the Saudi Arabian deserts to Persian Gulf ports, for example, is about 30? per bbl. That is less than 1? per gal, since there are 42 gal. in one barrel. But by the time the crude is shipped, refined and sold as gasoline to U.S. motorists, the price rises more than...
...first and biggest boost is made by the Saudi government. Its royalties, fees and taxes bring the price per barrel up to the cartel rate of $14.55, or 35? per gal. Shipping adds about $1.25 per bbl., or 3? per gal. But the actual cost of the journey is perhaps no more than a few cents a barrel. The difference is the profit for the tanker operators to help cover the expenses of maintaining huge, often idle fleets and sending empty tankers back to the Middle East...
...brownouts that would gravely threaten public health and safety. Electricity bills would soar, cruelly pinching low-income homeowners, as utilities were compelled to turn to higher-cost sources of energy. Some power companies would be forced to buy still more foreign oil at prices of up to $20 a barrel, fanning inflation, weakening the dollar and tying the U.S. energy future yet more tightly to the explosive politics of the Middle East. M.I.T. Physicist Henry Kendall, a leader of the antinuclear Union of Concerned Scientists, readily concedes: "If we throw the switch and shut down all the nuclear plants next...
Whatever one thinks of Rocky, it has not had a salutary effect on the movie business. The film made America safe for modest, old-fashioned tearjerkers, and Hollywood opened the floodgates. Voices is the latest in a chain of look-alike films. Even in this shoddy barrel of bathos, Voices is near the bottom...