Taxes on production and imports: Federal: Excise taxes: Crude oil windfall profits tax
B2005C1A027NBEA • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.40
Year-over-Year Change
-95.72%
Date Range
1/1/1980 - 1/1/1986
Summary
The 'Taxes on production and imports: Federal: Excise taxes: Crude oil windfall profits tax' trend measures the excise tax revenue collected by the U.S. federal government on crude oil. This metric is an important indicator of energy policy and the state of the domestic oil industry.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This economic series tracks the federal excise tax revenue collected on 'windfall profits' from crude oil production. It provides insight into the tax burden on the U.S. oil sector and is used by policymakers to assess the impact of energy-related taxes and regulations.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through tax revenue reporting.
Historical Context
Policymakers and analysts use this trend to understand the tax environment for the domestic oil industry and its potential effects on energy prices and supply.
Key Facts
- Crude oil windfall profits tax was in effect from 1980 to 1988.
- Tax revenue peaked at over $39 billion in 1981.
- The tax was repealed in 1988 due to declining oil prices.
FAQs
Q: What does this economic trend measure?
A: This trend measures the excise tax revenue collected by the U.S. federal government on 'windfall profits' from crude oil production.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the tax burden on the U.S. oil sector and is used by policymakers to assess the impact of energy-related taxes and regulations.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through tax revenue reporting.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to understand the tax environment for the domestic oil industry and its potential effects on energy prices and supply.
Q: Are there update delays or limitations?
A: The data is published regularly by the U.S. Federal Reserve, with no significant delays or limitations.
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Citation
U.S. Federal Reserve, Taxes on production and imports: Federal: Excise taxes: Crude oil windfall profits tax (B2005C1A027NBEA), retrieved from FRED.