Monday, December 30, 2013

Oil was heavily subsidized even in the 1920's when cheap oil was flowing

Joint Committee on Taxation was already flagging oil and gas subsidies in the 1920s | Earth Track: "The text below has a refreshing honesty, particularly in comparison to the bland bureaucratic language that pervades government documents today.  The note to the in-process study reads:

The 1926 act in regard to depletion on oil and gas wells includes a radical change from the 1924 act, consisting of the substitution of an arbitary 27 1/2 per cent of gross income for a depletion deduction in lieu of the depletion, on discovery value previously allowed.  It is most important to study the effect of this change as it was made on insufficient data."

'via Blog this'

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