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The oil depletion allowance in American (US) tax law is a tax break claimable by anyone with an economic interest in a mineral deposit or standing timber. [citation needed] The principle is that the asset is a capital investment that is a wasting asset, and therefore depreciation can reasonably be offset (effectively as a capital loss) against income.
The Crude Oil Windfall Profit Tax Act of 1980 (P.L. 96-223) was enacted as part of a compromise between the Carter Administration and the Congress over the decontrol of crude oil prices. [1] The Act was intended to recoup the revenue earned by oil producers as a result of the sharp increase in oil prices brought about by the OPEC oil embargo.
January 1: U.S. Federal oil depletion allowance reduced from 27.5 to 22.0 percent. May 3: TAP line from Saudi Arabia to the Mediterranean interrupted in Syria, creating all-time tanker rate highs from June to December. September 4: - October 9 Libya raises posted prices and increases tax rate from 50 percent to 55 percent. Iran and Kuwait ...
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January 1: US Federal oil depletion allowance reduced from 27.5 to 22.0 percent. May 3: Trans-Arabian Pipeline delivery from Saudi Arabia to the Mediterranean interrupted in Syria, driving oil tanker rates to all time highs from June to December. September 4 – October 9 Libya raises posted prices and increases tax rate from 50 percent to 55 ...
Roughly 13% of California oil and gas wells have been fracked at least once. Overall, permitted fracking operations accounted for just 2% of statewide oil production in 2021.
The California agency that regulates oil and gas operations concludes that a law on well-plugging does not apply to a merger of two giant fossil fuel companies, angering the law's author.
In 1975, Brown obtained the repeal of the "depletion allowance", a tax break for the state's oil industry, despite the efforts of lobbyist Joe Shell, a former intraparty rival to Nixon. [26] In 1975, Brown opposed Vietnamese immigration to California, saying that the state had enough poor people.