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Article: SPR set-aside would have major impact. (Strategic Petroleum Reserve proposed legislation)
- Article from:
- The Oil Daily
- Article date:
- March 30, 1992
- Author:
CopyrightCOPYRIGHT 1992 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WASHINGTON -- Chevron Corp. will be the hardest-hit financially of all U.S. oil companies if the 1 percent set-aside provision in the House energy bill is eventually passed into law, figures compiled by Ashland Oil Co. reveal.
Based on a West Texas Intermediate oil price of $18.90 per barrel, the set-aside plan would cost Chevron about $93.7 million annually, Ashland says. This is 4.3 percent of the San Francisco-based oil company's 1990 net income of $2.15 billion, and 7.2 percent of its 1991 net income of $1.29 billion.
The set-aside plan calls for refiners to contribute 1 percent of their domestic and imported crude purchases, and 1 percent of ...