ALTERNATIVE MINIMUM TAX RELIEF URGED
Oil industry officials in the U.S. and their supporters in Congress have launched a barrage of criticism against the federal alternative minimum tax (AMT). Phillips Petroleum Co. urged Congress not to limit AMT relief just to independent producers. Sen. Don Nickles (R-Okla.) cited data showing U.S. exploration activity would increase with AMT relief. And accounting firm Coopers & Lybrand said AMT burdens are putting U.S. independents out of business.