Number: RL33305
Title: The Crude Oil Windfall Profit Tax of the 1980s: Implications for Current Energy Policy
Authors: Salvatore Lazzari, Resources, Science, and Industry Division 
Abstract: This report provides an overview and analysis of the crude oil windfall profit tax that was in existence from 1980 to 1988. The first section provides a brief history of events surrounding enactment of the tax. The second section describes the structure of the tax. The third section discusses the rationale for the tax. The fourth section examines the revenue effects and other economic effects, and shows how the windfall profit tax increased dependence on imported oil. The lessons that can be learned from the eight-year experience with the tax and the implications of reinstating the tax are discussed in the final section.
Pages: 34
Date: March 9, 2006