President Carter signs $227 billion excise tax measure
- 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), Vol. 78:14
- Country of Publication:
- United States
- Language:
- English
Similar Records
Proposed windfall profits tax on crude oil: some major errors in estimation
Windfall profit tax
Related Subjects
POLICY AND ECONOMY
WINDFALL PROFITS TAX
CONTROL
ENERGY CONSERVATION
ENERGY SOURCE DEVELOPMENT
FINANCIAL INCENTIVES
FUEL SUBSTITUTION
GOVERNMENT POLICIES
IMPORTS
LEGAL ASPECTS
MASS TRANSIT SYSTEMS
PETROLEUM
PRODUCTION
REGULATIONS
SHORTAGES
TAX LAWS
ENERGY SOURCES
FOSSIL FUELS
FUELS
LAWS
TAXES
TRANSPORTATION SYSTEMS
294002* - Energy Planning & Policy- Petroleum
293000 - Energy Planning & Policy- Policy
Legislation
& Regulation