THE EFFECT OF TAXES ON THE PROFITABILITY OF U.S. OIL AND GAS PRODUCTION: A CASE STUDY OF THE OCS RECORD

Walter J. Mead · Dennis D. Muraoka · Philip Edward Sorensen

12 citations0/0 files storedNational Tax Journal

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Corporate Taxation and Avoidance Economic and Fiscal Studies Natural Resources and Economic Development

Abstract

Since the inception of Outer Continental Shelf oil and gas leasing in 1954, income derived from oil and natural gas production has generally been accorded preferential tax treatment. The tax provisions which have benefited oil and gas producers most are the percentage depletion allowance, and the option of currently expensing costs which would be capitalized in other industries. However, even with these tax benefits, and the dramatic rise in crude oil and natural gas price in the 1970's, the after-tax yield earned by oil companies on leases issued from 1954 through 1969 is not greater than that earned by other industries over the same period.

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References

1969Extractive Resources and Taxation 1965Federal Tax Treatment of Income from Oil and Gas.

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