Word: plowback
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Since Congress increasingly favors some sort of excess profits tax on the industry, a number of companies are coming around to a grudging acceptance of the idea, just as long as the levy would contain a so-called plowback provision that would permit them to reduce windfall taxes by investing the money in exploration. Congress could well go along with a plowback. Though Carter has attacked the scheme as a loophole "that you can sail an oil tanker through," he may find that without a plowback he will have real trouble getting...
...would say decontrol should be accompanied by this 'plowback' provision which compels money to go into the ground to increase supplies or increase research and development," the co-founder of a Texas-based oil firm said...
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