[Roccus]

T.Y.

[aculeus]

Since you folk seem to be into the economics of oil, I've got a question. I read somewhere back during the crises of the 70's that the royalties that oil producing nations charge per bbl. are deducted, dollar for dollar from the tax bills of US oil companies. Is this true?<

All foreign taxes paid by US corporations including oil companies are deducted as credits from US taxes payable, dollar for dollar. The "royalties" paid by US oil companies were (during my working years) considered taxes by IRS and were therefore deducted from US taxes payable.