Crude oil equalization tax
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Crude oil equalization tax hearings before the Committee on Energy and Natural Resources, United States Senate, Ninety-fifth Congress, first session ... September 16 and 19, 1977. by United States. Congress. Senate. Committee on Energy and Natural Resources.

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Published by U.S. Govt. Print. Off. in Washington .
Written in English



  • United States.


  • Petroleum -- Taxation -- Law and legislation -- United States.

Book details:

LC ClassificationsKF26 .E55 1977v
The Physical Object
Paginationiii, 193 p. :
Number of Pages193
ID Numbers
Open LibraryOL4373346M
LC Control Number78600903

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Crude oil equalization tax [microform]: hearings before the Committee on Energy and Natural Resources, United States Senate, Ninety-fifth Congress, first . One of Jimmy Carter's first proposals in , for example, was something known as the crude oil equalization tax, which would have imposed an excise tax on domestic petroleum equal to the difference between domestic prices, which were then under federal price control, and . Crude Oil Equalization Tax (COET) COET is designed to keep the producers’ prices controlled at levels comparable to the present laws, while increasing the refiners’ acquisition cost to the world price by The Federal tax is the difference between the controlled price and the world oil price. Union Oil Company of California (hereafter, Union) was engaged in the business of refining crude oil into finished petroleum products. Petroleum coke is a solid byproduct of the refining processes. Much of the sulfur originally contained in the crude oil and almost all .

United Kingdom. In the United Kingdom, the Windfall Tax was a tax levied on privatised utility companies.. United States. In , the United States enacted the Crude Oil Windfall Profit Tax Act (P.L. ) as part of a compromise between the Carter Administration and the Congress over the decontrol of crude oil prices. The Act was intended to recoup the revenue earned by oil producers as a. The Canadian petroleum equalization system for Light Crude, Medium Crude and Condensate adjusts the value of each delivery to reflect quality differences. This website supports the Equalization Steering Committee by providing relevant information and resources developed for administration of the equalization system.   • Profits and income tax payments mirror the price of oil. In when the price was low, the industry paid just $ million in federal and state income taxes. In , with the real price of oil averaging over $63 per barrel, the industry paid a record $37 billion in corporate income taxes. An industry mechanism for adjusting the value of individual deliveries made to a commingled crude or condensate stream based on the difference in quality between the delivered quality. The procedures contained in the Equalization Procedures Guide (Guide) provide the mechanism used by all batteries, terminals and pipelines that operate under this Guide for quality equalization [ ].

The final section is the very controversial proposal of a domestic crude oil tax designed to raise domestic oil prices to the world price level in order to encourage Reference is to the Crude Oil Equalization Tax. ↩ Energy Crisis, – Effective Septem , Senate Bill (Stats. , ch 35) also expands the current marine water oil spill program to a state-wide program imposing the fee on a person owning crude oil or petroleum products at the time the crude oil or petroleum products are received at a refinery, by any mode of delivery that passed over, across, under.   The sharp increases in the price of crude oil in the s accentuated the distortions that resource revenues caused to equalization. Ottawa’s initial response was to keep domestic prices lower than world prices via an export tax that was used to subsidize imports. Taxpayers who paid $, or more for any specific tax are required to transmit payments using TEXNET. If you paid $10, or more for the following: Sales/Use Tax; Franchise Tax; Bank Franchise Tax; Crude Oil Purchaser; Crude Oil Producer; Diesel Fuel; Direct Pay Sales Tax; Gasoline; Hotel Occupancy Tax; Insurance Premium; Mixed Beverage.