This graph shows production tax as a percentage of wellhead value from 1982 through the present, and predictions through 2026. Our current production tax is lower than ever before, and under some conditions is actually negative – a payment to the oil companies rather than a tax.
This is a result of two things.
1) Taxing net profits rather than gross value.
2) Tax credits for the oil companies.
By
Content on this page is available under a license.