[The_Victor]

The most regressive tax in American History. 40% tax of all new oil at the well head. Broke 90% of all the exploration oil companies in the US. Reduced drilling rigs from 2900 in Texas to just 13 in 3 years. Broke 50% of the oil investment banks and effectively banned drilling of independents in the US. More than 5 million homes lost in Texas alone. Tax money was allocated to the NE blue states who were broke.

The WPT was probably the primary reason for the "Carter Economy." It was so bad they had to create a new name for it: remember "Stagflation?"

[jec41]

The WPT was probably the primary reason for the "Carter Economy." It was so bad they had to create a new name for it: remember "Stagflation?"

I remember it well. It was every bit as bad as the 30's depression in some western states and the WPT led the way.
I had 19 producing wells and we ended up just shutting them down and leaving. The Governor of Texas dynamited some of his own wells rather than just losing them to someone who never developed a oil stake.