Philip Mandelker Rosenman & Colin New York City
The last 18 months has been a manic-depressive period for the domestic energy industry as it has been for the U.S. and, indeed, for the world.
Early in this period, in the contest of Iraq's invasion of Kuwait, renewed concerns of growing American dependence on imported oil were critical in Congress' passage in the Omnibus Revenue Reconciliation Act in late 1990 of several tax incentives for domestic exploration and production.
At the time, significant excitement was generated by the 1990 Tax Act's extension of the Sec. 29 Nonconventional Fuel Credit, relaxation of the...