Word: oilmen
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Dates: during 1970-1979
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...oilmen argue persuasively that they need even richer earnings to finance the heavy costs of stepping up exploration, leasing new oil fields and building refineries-a point that they are emphasizing in a quickly mounted advertising barrage. The Chase Manhattan Bank estimates that by 1985 the industry will pump an awesome $800 billion into such ventures...
ALLOWANCES FOR INTANGIBLE DRILLING COSTS. These "I.D.C.s" are the noncapital costs of drilling an oil or gas well, including wages for workmen and rental fees for equipment. Oilmen can deduct these costs from their taxable income immediately, rather than spreading the deductions over the years that the well is in operation. The Treasury Department figures that, in 1972, I.D.C. deductions saved the oilmen $600 million in federal income taxes...
...saved the oil industry $1.4 billion in taxes. Since the price of crude oil on which the size of the depletion allowance is based has doubled over the past year, the write-offs will be even greater in 1973. Most of these deductions come from domestic oil production, but oilmen can also use the depletion allowance to reduce U.S. taxes on their foreign income...
...however, generate such huge tax write-offs from other sources-mainly the foreign-tax credit -that they rarely need to use the foreign depletion allowance. More important it is likely that the domestic depletion allowance will be abolished or substantially reduced. But the depletion allowances are cherished by the oilmen, who still have powerful friends in Congress...
...While oilmen and Congressmen were debating the subject of profits, the energy crisis continued to shape the destinies of diplomats and bureaucrats, motorists and householders. Among last week's major developments...