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Microcap & Penny Stocks : Green Oasis Environmental, Inc. (GRNO) -- Ignore unavailable to you. Want to Upgrade?

To: Charles A. King who wrote (10417)	2/1/1999 4:30:00 PM
From: Charles A. King	Read Replies (1) \| Respond to of 13091

The Clinton administration sticks it to the oil industry. It is seeking additional taxes and refusing to buy cheap oil to stockpile in the Strategic Oil Reserve. Actually, a few years ago, there was talk of selling oil to help balance the budget, but since we taxpayers had paid much more for it than they could sell it for, the idea was dropped. Monday February 1 12:01 PM ET Oil Firms Get Few Breaks In Clinton Budget By Tom Doggett WASHINGTON (Reuters) - The Clinton administration's proposed budget for the upcoming spending year released Monday contains several excise taxes and tax rule changes that would cost energy companies money. The proposals were in the administration's budget for the 2000 fiscal spending year, which begins this Oct. 1, and would cost energy companies $8.2 billion over the next five years. First, the administration said it wanted to reinstate two excise taxes to raise $6.5 billion for a Superfund trust fund to clean up environmentally-damaged sites. One of those Superfund taxes would be levied on petroleum, chemicals and imported substances. The old tax, which expired Dec. 31, 1995, would bring in $3.8 billion - $109 million in the current spending year and $738 million to $778 million in each of the next five years. The administration also wants to bring back an environmental tax that also expired in 1995 and would be imposed on corporate taxable income. The tax would bring in $2.7 billion over the next five spending years - raising $794 million in the upcoming 2000 fiscal year and between $460 million and $481 million in each of the four following spending years, the administration said. Separately, the administration wants to reinstate a five-cents-a-barrel oil spill excise tax to raise $1.3 billion over the next five spending years -- ranging from $254 million to $264 million in each of the upcoming five spending years. The administration tried unsuccessfully to reinstate the tax in last year's budget proposal. Before January 1, 1995, the tax had been imposed on domestic crude oil and imported oil and petroleum products. The money was used to finance the cleanup of oil spills. The administration also proposed to reduce the tax credits U.S. companies could receive on their foreign oil and gas extraction income. The change would cost companies an extra $407 million over the five years. The administration has also tried in the past to scale back the foreign income tax credit, but Congress rejected the idea. Noticeably absent from the administration's budget is money to purchase more crude oil for the nation's Strategic Petroleum Reserve. Independent oil producers had hoped the government would buy crude for the reserve to help boost low oil prices, but the administration's it not seeking additional purchases. The reserve was created by Congress in 1975 in response to the Arab oil embargo. The reserve, which is a series of underground caverns in Louisiana and Texas, holds 571 million barrels of oil with room to store another 109 million barrels. The chairman of the Senate Energy Committee criticized President Clinton Monday for not doing more to help U.S. oil producers suffering from low crude prices. ''Rather than turning its back on the U.S. oil industry, the Clinton administration ought to take action to halt the decline in domestic exploration and production,'' said Sen. Frank Murkowski, an Alaska Republican. Murkowski said he will work with other senators to draft legislation to provide relief for oil producers. dailynews.yahoo.com