Word: wellheads
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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...
...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...