U.S. TAX POLICIES DISTORTING ECONOMICS OF EXPLORATION, DEVELOPMENT VENTURES
Craig G. Goodman Mitchell Energy Corp. The Woodlands, Tex. Since the Tax Reform Act of 1986, crude oil production in the United States has declined over 1.5 million b/d despite interim price increases of over 100%. Exploration and development in the U.S., measured by the drilling rig count, footage drilled, reserves replaced, and seismic crew activity, remain near record lows.