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Article: SPECULATION ON EFFECTS OF ENERGY SECURITY ACT ASTOUNDING
- Article from:
- THE JOURNAL RECORD
- Article date:
- November 14, 1989
- Author:
CopyrightCopyright (null) The Journal Record. Provided by ProQuest LLC. (Hide copyright information)
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Speculation about the effects of the Domestic Energy Security
Act of 1989, co-sponsored by U.S. Sens. David Boren and Don Nickles,
both of Oklahoma, is astounding.
Highlights of the bill, which has bipartisan support - Boren is
Democrat and Nickles is Republican - along with industry consensus,
include:
- A 20 percent tax credit for exploration and development
expenses.
- A 20 percent tax credit on the costs of operating marginal
wells - stripper wells, heavy oil wells and oil recovered by
tertiary methods.
- Elimination of intangible drilling costs and excess
depletion as preference items.
- Immediate expensing of geological, geophysical and
unrecoverable surface ...