The oil depletion issue

15 percent abroad actual additional amendment American amount annual applies average barrel basis capital changes CHAPTER Committee companies Congress Congressional conservation considerably consumption continue corporations cost cost depletion countries course Court crude oil decline deduction demand depletion allowance depletion provision deposits difference discovered discovery value domestic drilling earnings economic effect estimated existing expenditures expensing exploration fact factors Federal Finance finding foreign fuel gas producing Government gross income higher important income tax increase industry's intangible interest investment issue legislation limited lower maintain major Means method million mineral natural gas oil and gas oil industry oil production operations past percent percentage depletion period petroleum petroleum industry present principle profits question reason recovery represented requirements reserves result Revenue Act rise Senate sources statute studies supplies taxation taxpayer tion Treasury U. S. tax United