Oil Industry and Windfall Profits.

Intro -- THE OIL INDUSTRY ANDWINDFALL PROFITS -- THE OIL INDUSTRY AND WINDFALL PROFITS -- CONTENTS -- PREFACE -- THE CRUDE OIL WINDFALL PROFIT TAXOF THE 1980S: IMPLICATIONS FORCURRENT ENERGY POLICY* -- SUMMARY -- INTRODUCTION -- BACKGROUND -- The Oil Price Control Program -- Origins of the Crude Oil Windfall Profit Tax of 1980 -- Amendments to the Windfall Profit Tax -- Repeal of the Windfall Profit Tax -- STRUCTURE OF THE TAX -- RATIONALE FOR THE WINDFALL PROFIT TAX -- Oil Price Decontrol and Windfall Profits -- Distributional Equity ("Fairness") -- The Industry's Historically Low Effective Tax Rates -- Budget Deficits and the Need for Additional Revenue -- ECONOMIC EFFECTS -- Revenue Effects: Projections vs. Realizations -- Revenue Effects: Gross vs. Net Actual Revenue -- Effects on Domestic Oil Production and Oil Imports -- Economic Efficiency and Resource Allocation -- The Burden of Tax Compliance and Administration -- Reasons for Repeal of the Windfall Profit Tax -- WINDFALL PROFIT TAX LEGISLATION IN THE 109THCONGRESS -- Excise Tax Type of WPT -- Income Tax Type of WPT -- Economic and Policy Issues -- Alternative Policy Options -- TECHNICAL APPENDIX -- ENDNOTES -- OIL INDUSTRY FINANCIAL PERFORMANCEAND THE WINDFALL PROFITS TAX* -- SUMMARY -- INTRODUCTION -- OIL INDUSTRY FINANCIAL PERFORMANCE -- The Super-Major Integrated Oil Companies -- Use of Profits11 -- LEGISLATIVE HISTORY OF WINDFALL PROFITS TAXPROPOSALS -- Windfall Profits Tax Legislation in the 109th Congress -- Windfall Profit Tax Legislation in the 110th Congress -- ANALYSIS OF ECONOMIC AND POLICY ISSUES -- Defining and Measuring Windfall Gains -- The Non-neutral Economic Effects of the Excise Tax Type of WPT -- The Neutrality of the Corporate Income Tax Type of WPT -- Possible Revenue Effects -- ENDNOTES -- OIL AND GAS TAX SUBSIDIES:CURRENT STATUS AND ANALYSIS* -- SUMMARY.

ACTION IN THE 110TH CONGRESS -- BACKGROUND -- POLICY CONTEXT AND ANALYSIS -- OIL AND GAS TAX PROVISIONS IN EPACT05AND THEIR REVENUE EFFECTS -- Amortization of Geological and Geophysical Expenditures -- Determination of Independent Producer Status for Purposes of theOil Depletion Deduction -- Natural Gas Distribution Lines Treated as 15-Year Property -- Temporary Expensing for Equipment Used in Oil Refining -- Arbitrage Rules Not To Apply to Prepayments for Natural Gas -- Natural Gas Gathering Lines Treated as Seven-Year Property -- Pass Through to Owners of Deduction for Capital Costs Incurredby Small Refiner Cooperatives in Complying with EPA SulfurRegulations -- Modification and Extension of Credit for Producing Fuel from aNonconventional Source for Facilities Producing Coke or CokeGas19 -- Revenue Effects -- Tax Increases -- OTHER OIL AND GAS TAX SUBSIDIES -- OTHER OIL AND GAS TAX SUBSIDIES -- GENERAL TAX PROVISIONS THAT MAY BENEFITTHE OIL AND GAS INDUSTRY -- ENDNOTES -- THE USE OF PROFIT BY THE FIVE MAJOROIL COMPANIES* -- SUMMARY -- INTRODUCTION -- OIL PRICES AND PROFITS -- PROFIT ALLOCATION -- Capital Expenditures -- Mergers and Acquisitions -- Dividends and Stock Acquisition -- Debt and Capital Structure -- Cash -- CONCLUSION -- ENDNOTES -- INDEX.

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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2024. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.