Editorial: Windfall folly costs

With the Windfall Profit Tax Act of 1980, the US Congress accomplished only one of its goals. The misnamed tax was supposed to capture for public use $280 billion from the difference between a statutory base price of crude oil and a market price thought sure to rise forever. But the market price fell. By the time of its repeal, the tax had raised less than $40 billion. Meanwhile, US exploration and production declined, and oil imports rose.The excise did, however, fulfill its political motivation: It punished oil and gas companies for profiting while oil prices rose to levels consumers found uncomfortable. Many of the targeted companies spent the rest of the 1980s and much of the 1990s mo...

Why Register?

Non-subscribers can only view whitepapers by providing name, home and email address, phone number and other information and comment on/rate articles.

Why Subscribe?

Oil & Gas Journal subscribers with login credentials can access these premium features of OGJ Online:

  • Current Issue – an html version of the current week's issue of Oil & Gas Journal.
  • Past Issues – An Electronic OGJ Archive. A keyword-searchable archive of all issues of Oil & Gas Journal dating back to 1990; also searchable by issue date.
  • Market Journal – a weekly round-up of the oil and gas markets, with observations from leading analysts.
  • Editor's Perspective – a short article of insight and opinion by the Editor of Oil & Gas Journal.
  • OGJ Industry Stats – quick access to current industry statistics from Oil & Gas Journal.
  • OGJ Survey Downloads - quick access to exclusive reports from Oil & Gas Journal.


Subscriber Help or Subscribe

Oil & Gas Journal Subscribers: Have your subscription number (from the mailing label on the cover of your Oil & Gas Journal) and e-mail address ready to set up your online account through Customer Service Assistant.

If you're not an Oil & Gas Journal subscriber, start a subscription and gain access to the subscriber areas of OGJ Online now.

Stay Connected