OIL TAX A FATAL FLAW IN CLINTON PROPOSAL

Among all that is objectionable in President Clinton's proposed energy tax, one element should trouble the oil and gas industry most. It is the explicit official intent behind the BTU rate differential to create market disadvantages for oil. The ironic prospect that oil use won't suffer much from the extra burden simply fits the pattern of an altogether misguided initiative, little of which will function as advertised.

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