Word: wellheads
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Dates: during 1970-1979
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...centerpiece of the Carter program is a plan to raise U.S. oil prices, presently averaging $8.52 per bbl. at the wellhead for domestic oil of all price categories, up to the OPEC-set world level of about $13.50. This would be done by imposing a tax on producers at the well. Then to soften the blow to the economy, the Government would give back most of the money to consumers in the form of rebates...
...country's automobiles, and though the price of gasoline has all but doubled in the U.S. since the days of the Arab oil embargo, Americans are today consuming about 7% more gasoline than they were before the price shot up at the pump. Carter's wellhead tax would only add about 60 to 80 to the price of a gallon of gasoline by 1985, and who seriously thinks this will discourage Sunday driving by anyone...
Worse still, the oil companies would not get a cent of the revenues to invest in exploration and development of new energy sources; they would have to finance R. and D. on their own. A far better idea would be to channel the wellhead taxes into R. and D.-perhaps by setting up a federal corporation to underwrite the efforts of companies struggling to find economical ways of coaxing oil out of otherwise exhausted wells, burning it out of shale or extracting it out of tar sands. Russell Long, the Louisiana Democrat who heads the Senate Finance Committee, has threatened...
...Wellhead Tax on Oil It is designed to cut fuel consumption by lifting the price of U.S.-produced crude by 1980 to the higher world level charged by OPEC. The White House wants to rebate the proceeds of the tax to consumers. The House agreed. But last week Louisiana Democrat Russell Long, chairman of the Senate Finance Committee, said his committee "will not vote these big taxes" unless the receipts go not to consumers but for use in developing new sources of energy such as gas from coal. If the tax is passed without a rebate, consumer bills for fuel...
...Alaska. The consumer will probably wind up paying the same price as for imported oil, now $13.50 per bbl. If the pipeline tariff goes down, the companies that own the line can make up most of the difference by paying their producing subsidiaries a higher price at the wellhead to pump the oil out of the North Slope. And their arrangement with the state declares that the higher the price at the wellhead, the higher the revenue payments to Alaska...