President Carter signs $227 billion excise tax measure

Journal Article · Mon Apr 07 04:00:00 EST 1980 · Oil Gas J.; (United States)

OSTI ID:6451036

Miller, C J ^[1]; McAfee, J; Dibona, C J; Carter, J

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1. API

According to President J. Carter, who signed into law a $227 billion excise tax (windfall profits tax) on revenue from decontrolled U.S. crude oil production, the new tax program will provide the U.S. with the incentive and the means to produce and conserve domestic oil and replace more oil with alternative sources of energy. According to C. DiBona (API), the new tax will discourage the increased amount of domestic production required to compensate, by the mid-to-late 1980's, for a 1.7 million bbl/day shortfall, which will have to be made up with imports from foreign producers. According to J. McAfee of Gulf Oil Corp., only a token amount, about $34 billion of the $227 billion which will be raised by the new tax over the next decade, will be devoted to energy development and mass transit. According to C. J. Miller of the Independent Petroleum Association of America, the tax's complex and sometimes conflicting regulations will pose harsh problems for smaller producers.

• OSTI ID: 6451036
• Journal Information: Oil Gas J.; (United States), Journal Name: Oil Gas J.; (United States) Vol. 78:14; ISSN OIGJA
• Country of Publication: United States
• Language: English

Related Subjects

29 ENERGY PLANNING, POLICY, AND ECONOMY
293000 -- Energy Planning & Policy-- Policy
Legislation
& Regulation
294002* -- Energy Planning & Policy-- Petroleum
CONTROL
ENERGY CONSERVATION
ENERGY SOURCE DEVELOPMENT
ENERGY SOURCES
FINANCIAL INCENTIVES
FOSSIL FUELS
FUEL SUBSTITUTION
FUELS
GOVERNMENT POLICIES
IMPORTS
LAWS
LEGAL ASPECTS
MASS TRANSIT SYSTEMS
PETROLEUM
PRODUCTION
REGULATIONS
SHORTAGES
TAX LAWS
TAXES
TRANSPORTATION SYSTEMS
WINDFALL PROFITS TAX