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Title: H. R. 4564: a bill to amend the Internal Revenue Code of 1954 to provide a deduction and special net operating loss rules with respect to certain losses on domestic crude oil, to increase tariffs on petroleum and petroleum products, to require the Strategic Petroleum Reserve to be filled with stripper well oil, and to eliminate certain restrictions on the sale of natural gas and on the use of natural gas and oil. Introduced in the House of Representatives, Ninety-Ninth Congress, Second Session, April 10, 1986

The Secure Energy Supply Act of 1986 amends the Internal Revenue Code of 1954. Title I provides a deduction and special net operating loss treatment for certain losses on crude oil. Title II increases tariffs on petroleum and petroleum products, the revenues of which will cover authorized refunds. Title III provides that only stripper well oil or oil exchanged for stripper well oil will be used to fill the Strategic Petroleum Reserve. Title IV removes wellhead price controls and repeals Natural Gas Act jurisdiction over certain first sales of natural gas. Later titles repeal certain restrictions on the use of natural gas and petroleum, repeal incremental pricing requirements, and promote flexibility in rescheduling or marking down troubled loans. The bill was referred to the House Committees on Ways and Means, Energy and Commerce, and Banking, Finance, and Urban Affairs.
Publication Date:
OSTI Identifier:
5667649
Resource Type:
Book
Publisher:
Government Printing Office,Washington, DC
Country of Publication:
United States
Language:
English
Subject:
02 PETROLEUM; 03 NATURAL GAS; 29 ENERGY PLANNING, POLICY AND ECONOMY; NATURAL GAS INDUSTRY; TAXES; PETROLEUM INDUSTRY; TAX LAWS; AMENDMENTS; ACCOUNTING; DEREGULATION; ECONOMIC POLICY; LEGISLATION; PRICING REGULATIONS; STRATEGIC PETROLEUM RESERVE; GOVERNMENT POLICIES; INDUSTRY; LAWS; REGULATIONS; RESERVES; RESOURCES 021000* -- Petroleum-- Legislation & Regulations; 031000 -- Natural Gas-- Legislation & Regulations; 294000 -- Energy Planning & Policy-- Fossil Fuels; 293000 -- Energy Planning & Policy-- Policy, Legislation, & Regulation