Word: wellheads
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Dates: during 1970-1979
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...half the oil we consume." On a swing through Los Angeles, San Francisco, Portland and Seattle, HEW Secretary Joseph Califano strayed from his talks on welfare problems to argue that the poor would suffer most if the Senate failed to approve Carter's plan to rebate the wellhead tax on crude oil to consumers. Califano protested that less well-to-do Americans would not be compensated for the higher price of their heating oil under Senate bills...
Carter claimed that his program would ensure that "the American people are not robbed" but would also provide adequate incentives to the oil companies to find new fields and produce more fuel. His plan would tax oil at the wellheads so as to raise retail prices to the world level set by the oil-producing cartel (OPEC). Under the Carter plan, most of the wellhead tax would be rebated to consumers. The oil and gas companies would also like to see domestic oil prices rise to world levels, but they object to the wellhead tax and rebate plan. They want...
...possible alternative to the Administration and the industry proposals has been offered by Senate Finance Committee Chairman Russell Long. He proposes the creation of what amounts to an energy trust fund, under which the Government would impose a wellhead tax and then use the revenue to stimulate new exploration and development of alternative energy sources by the oil industry. Last week, however, the Finance Committee scissored the entire wellhead tax scheme out of the bill. Instead, it proposed a $32 billion package of tax credits and grants, to be financed directly by the Treasury, that would aid industry in converting...
Despite the Finance Committee's action, the wellhead tax is not dead. The House has approved the tax, and when the House-Senate conference meets, it may well be resurrected. What form it might take is anybody's guess. The conference could adopt Carter's rebate plan, Long's trust-fund scheme, or, what seems to many observers to be the most sensible compromise of all, a plan to rebate some of the money to consumers and some to the oil and gas companies...
...this reason the Administration has decided that the price hikes should be brought about by a wellhead tax. The yield from the tax would be enormous-as much as $12 billion a year by 1985. The oil industry has been lobbying Congress intensively all summer either to drop the tax or to hand all such revenues back to the oil companies for new investment in developing fresh oil sources. But the Administration remains skeptical of the industry's motives...