President Jimmy Carter praises Sen. Russell Long of oil-rich Louisiana for voting “to do away with the oil depletion allowance, which was a very courageous thing to do.” 1978 ...

President Biden's decision to reduce emergency U.S. oil stocks by more than 40% is receiving renewed attention amid the latest Middle East conflict that sent oil prices higher.

Dwindling Reserves. The prime tar get of the critics is the oil depletion allowance. It permits owners to deduct from their taxable income 271% of the value that each well yields; more over, the ...

Output increases from oil producer group OPEC+ are not leading to higher inventories, showing that markets are thirsty for ...

Over the ensuing nine decades, Congress has tinkered with the percentages and the companies eligible to receive them, but the oil depletion allowance has remained largely intact — and especially ...

Increasing the oil and natural gas tax depletion allowance from 15 percent, where it has been since 1984, would enhance the profitability of wells and probably encourage new drilling.

Depletion for Tax Purposes. When you begin receiving checks for oil and gas royalties, or you harvest timber or allow mining of other minerals, it's important to understand the depletion deduction ...

To the editor: Dismally, oil is projected to run out within this century; this definite fate will undoubtedly unfold before our eyes. We must recollect the past in order to ...

Oil Depletion Means An Election Win Is A Poisoned Chalice Tuesday, 17 October 2023, 11:17 am ... They had reduced oil supply by about 4% saying they are scaling back production.

In 1926, Congress passed and President Coolidge signed legislation that came to be known as “the oil depletion allowance.” Based on the premise that mineral deposits are finite resources that ...