Table 6

Estimated Oil Owner Revenues, Taxes, and Cash Flow Under
Decentrol and Windfall Profits Tax, 1972-1984

Item

8 1979-1984

amounts (billions)

Effect of oil price decontrol alone:
Gross increase in oil owners revenues.
Less: Deductible capital and operating

costs of incremental production.......(2)
State and local income and severance
tax increment; Federal royalties;
Federal tax depletion allowances.......

Equals: Incremental Federal taxable income.......(4)
Times 45%, equals incremental Federal
income tax, absent windfall profits
tax....

-9.2

(3)

-20.9 $96.3

. (5)

$ 43.3

Disposition of gross increase in oil owners; revenues due to decontrol:......

$126.5

$ 32.2

Equals: Increased oil owners' cash flow....(13)

Note: Details may not add to totals due to rounding.
Source: Adapted from Appendix Table III.

1969

Appendix Table II

Sources and Uses of Funds Statements, 1971-1978

Oil and Gas Extraction Companies