Word: taxingly
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Dates: during 1970-1979
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...summer the House easily passed a bill very close to the President's request. But oil producers traditionally have more friends in the Senate than in the House, and the Senate is debating a bill passed by its Finance Committee that would levy "only" $138 billion in new taxes. Administration lobbyists are now trying to increase the bite on energy companies to $242 billion. A new report from the Congressional Budget Office, headed by Democratic Economist Alice Rivhn, concluded that such action would enrich the Treasury but result in less oil for the country. The study showed that domestic...
Although he philosophically opposes any windfall levy, Louisiana's Russell Long, the Finance Committee chairman who is the floor leader of the Senate debate, says the tax is the political cost that the energy industry must pay in order to end crude oil controls. Long, who himself has extensive oil holdings, argues further that the nation can no longer afford a witch hunt against the petroleum companies. Last week he told a cheering Manhattan meeting of energy producers: "Those who defame us, curse us, abuse us and lie about us, would be in one hell of a fix without...
Both the Administration and Congress remain reluctant to roll out the two Big Berthas of energy conservation: a stiff new gasoline tax and rationing. The White House so far has not supported the proposal by Anti-Inflation Adviser Alfred Kahn for a 50? per gal. tax. Even Connecticut Democrat Toby Moffett, a former rationing advocate, now concludes that that step "should be the last resort." But if plaintive appeals from Washington to "drive three miles a day less" go unheeded, the nation may be forced to begin considering such Stygian last resorts...
Shouting against the windfall profits tax, oilmen tirelessly contend that higher earnings will motivate them to search harder for oil and gas. Sure enough, as oil profits have marched up this year, so has domestic exploration. Steel drilling rigs, eight and ten stories high, are rising at muddy, cluttered sites from the Rocky Mountain foothills to Louisiana's Cajun country. Although domestic production is not expected to rise in years ahead, the new activity will keep it higher than it otherwise might have been. And there is always the possibility, however slight, that oilmen may get lucky and strike...
Another spur is that profits of ten of the largest oil companies increased an average of 94% in this year's third quarter, and managers have attempted to divert public criticism by pumping up exploration budgets. A number of independents are still holding back until the windfall profits tax reaches final form. The Senate has proposed that newly discovered oil and certain categories of low-volume wells be exempt. Some oilmen hope that the first 1,000 bbl. per day from an independent producer's well will be free from the tax. Says Jack Allen, president...