Taxation of Oil and Gas in the United States 1970-1997

Abstract

This article provides an extensive examination of all major types of taxes and royalties levied on the oil and gas industry by federal, state, and local governments in the United States during the 1970-1997 period.Important taxes levied on the oil and gas industry can be grouped into three broad categories based on their effects on resource extraction: (1) production, (2) property, and (3) income.Reliance on these three types of taxes differs substantially among the eight key states responsible for about 73 percent of U.S. oil and 83 percent of U.S. gas production (Alaska, California, Kansas, Louisiana, New Mexico, Oklahoma, Texas, and Wyoming).A detailed comparison of differences in institutional structure and effective tax rates for the eight major oil and gas producing states is presented.

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