PIRINC: LOADING BTU TAX ON U.S. OIL IS WRONG

Petroleum Industry Research Foundation, New York, says it would be unwise to levy a heavier BTU tax on oil than on other types of U.S. energy. President Clinton has proposed an energy tax of 25.7 cents/MMBTU on energy and a supplemental tax of 34.2 cents on oil, bringing the oil tax to 59.9 cents/MMBTU. Pirinc, funded by major oil companies, said the chief purpose of the BTU tax is to collect revenues, but it would impair the international competitiveness of the U.S. economy and increase the

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