Effects of the crude oil windfall profits tax on recoverable crude oil resources and production therefrom
Book
·
OSTI ID:6815043
The Interstate Oil Compact Commission (IOCC) eschewed any analysis of the Crude Oil Windfall Profits Tax (COWPT) during its journey through Congress. But once COWPT was enacted - and because of its tremendous economic impact on the oil sector - IOCC entered into a contract with the Resource Analysis and Management Group (2500 First National Center, Oklahoma City, OK) to analyze the effects of COWPT. Among their conclusions, COWPT will affect recoverable crude oil and domestic crude oil production in several ways, namely: (1) prevent the recovery of at least 490 million barrels; (2) reduce domestic production by 131,480 bbl/day; (3) cause premature abandonment of approximately 24,000 wells; (4) affect salt water disposal, with serious environmental effects; and (5) increase imports to replace the lost reserves. These conclusions assume that the operator's annual gross revenue determines the producing life of an oil well and parallels the effective crude oil price. 13 figures, 8 tables. (DCK)
- OSTI ID:
- 6815043
- Country of Publication:
- United States
- Language:
- English
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