Windfall tax collections lag amid governance concerns
A House subcommittee heard that windfall profits tax on crude oil faces collection problems. GAO and IRS officials cited underpayments and inadequate post audit capability, noting royalties on government land may be undercollected. The tax began March 1 1980 and runs until Sept 30 1993 or $227.3 billion.
MENTIONED IN THIS ARTICLE
Washington
House
U.S. Geological Survey
William J. Anderson
Geological Survey
Interior Department
GAO
Anderson
John Conyers Jr
D-Mich
IRS
Conyers
Doyle Frederick
Coal talks resume as miners apply for food stamps
In Washington negotiators for the United Mine Workers and Bituminous Coal Operators' Association return to the hotel where a three year contract was once agreed. The sixth UMW strike continues as miners seek to restore a $1.90 per ton royalty to union funds and curb subcontracting and 45 day probation provisions. The strike reaches its 19th day with thousands applying for food stamps in Appalachia and the Midwest.
MENTIONED IN THIS ARTICLE
Washington
United Mine Workers and Bituminous Coal Operators’ Association
UMW
Sam Church
Appalachia
Midwest
Church
BCOA
West Virginia
Pennsylvania
Kenny Stokes
Madisonville
Tommy Gaston
Stokes
Basin wells drill depths across multiple operators
Exxon at 12 222 feet and Conoco at 11 490 feet lead a list of wells drilled by Eaton Basin operators. Entries include Mobil producing Emma Austin at 9 795 feet, Conoco Continental TXL at 13 362 feet, Terry Moss at 11 444 feet, and Getty University at 10 621 feet with many other companies and well names in 4 800 to 13 000 foot ranges.
MENTIONED IN THIS ARTICLE
Andrews
Exxon Corp
EH State
Borden — Aminoil USA
Dennis
Henderson & Erickson
Clayton
Coke — Natomis North America
Chumley
CRANE
Gulf Oil Corp
McElroy
Crockett — Texas Oil & Gas
Bullock
Wessely Energy Corp
Shannon
Dawson — Kilroy
Texas
Debose
R.K. Petroleum
Lea
Preston
Gaines — Mobil Producing
Emma Austin
Glasscock — Belco Petroleum
Edwards
Lake Oil & Gas
Cooper
Howard — R.K. Petroleum
Clay
Loving
Conoco Inc
Continental Txl
Midland
Dorchester Exploration
Bradford
Pecos — Hillen-American Petrofina
Hinde
Reeves — Conoco Inc
Estate State
Schleicher — Discovery Operating
Lin
Fortune Production Co
University
Sterling
Mesa Petroleum
Cole
Sutton
Ike Lovelady
West
Terrell ~ Jackson Exploration
Ingham
TERRY
Mapco Production Co
Moss
Tom Green
Mertz
Ward
Getty Oil Co
Over the Counter Quotations From National Association Dealers
Daily quotations from the National Association Security Dealers provide inter dealer bid prices. Quotes reflect inter dealer bids without markup markdown or commission.
MENTIONED IN THIS ARTICLE
National Association Security Dealers
Inter-Dealers
Wildcat Drilling Plans in Four Texas Counties
Fortune Production Company of San Angelo will drill No 133 Chaney a 4800 foot wildcat in Schleicher County twenty five miles northeast of Eldorado with location details near Section 33 Block 8 TW&NG. Estoril Producing Corp of Midland will drill No 134 Wallace a 6700 foot wildcat in Kent County six miles northwest of Jayton with exact line references. Dinero Operating Company of Midland will drill No 1 Winston Brothers a 7800 foot wildcat in Scurry County three miles southwest of Snyder with precise track and survey data. R K Petroleum Corp of Midland will drill No 110 R K State a 3900 foot wildcat in Reeves County six miles west of Arno with location in Section 10 Block C-20 PSL Survey and near Ken Ragan Delaware field.
MENTIONED IN THIS ARTICLE
Fortune Production Co
San Angelo
Chaney
Schleicher County
Eldorado
Tw&ng
Chaney Strawn
Estoril Producing Corp
Midland
Wilddfill
Wallace
Kent County
Jayton
R.K. Petroleum Corp of Midland Wildfill
R.K
Reeves County
Arno
PSL
More exploration urged to halt U S oil decline
Shell Oil president John F. Bookout told the Economic Club of Detroit that offshore and frontier areas, especially Alaska, must be explored more to halt the drop in domestic oil and gas production. He urged a 5 percent annual rise in energy capital outlay through the 1980s and noted U S production at 18.5 million barrels daily could fall 15 percent by 1990 without new sources. He called coal a backbone for domestic supply but cited clean burning challenges and urged expansion to 1.05 billion tons annually, while nuclear power faces uncertainties and synfuels, solar and wind remain in early stages. Bevo X retires as Texas mascot. Bevo XI trains for sideline duties.
MENTIONED IN THIS ARTICLE
Detroit
Alaska
United States
Shell Oil Co
Bookout
U.S
Oil Company
Also Mentioned on This Page
General Government
General Accounting Office
Government Operations Subcommittee
Internal Revenue Service
Utilities Commission
Tony Williams
Mount Pleasant
Investment House
PUC
Milton Fox
Houston
Salinas
Frederick
Don Kash
Treasury
Roscoe L. Egger Jr
Ronny Lee
Bregenz
Austria
Ergy
John F. Bookout
the Economic Club of
Austin
Bevo X
Green Pastures
Vernon
Bevo XI
John Hardin III
Reed Tanks, Inc
Odessa
Lawrence Herkimer
Sipply Co
Blue Cross
Blue Shield
Abau
Blue Shield of
Blue Cross and
Sen Ferested
Nealtr Verade
Blue Stretch
Dallas
Oreal
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