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California Crude Oil: An Analysis of Posted Prices and Fair Market Value

GGD-88-114 Published: Sep 08, 1988. Publicly Released: Oct 12, 1988.
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Highlights

In response to a congressional request, GAO reviewed whether posted crude oil prices in California reflected the oil's fair market value for federal windfall profit tax and royalty purposes.

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Cost analysisDomestic crude oilExcess profitsFederal taxesstate relationsGovernment collectionsOil fieldsOil resourcesPetroleum pricesPetroleum products