Crude Oil Windfall Profit Tax Act
E219369
The Crude Oil Windfall Profit Tax Act was a U.S. federal law enacted in 1980 that imposed an excise tax on domestic oil producers’ revenues above a set benchmark to capture “windfall” gains resulting from deregulation and rising oil prices.
All labels observed (2)
| Label | Occurrences |
|---|---|
| Crude Oil Windfall Profit Tax Act canonical | 1 |
| Windfall Profit Tax | 1 |
How this entity was disambiguated
This entity first appeared as the object of triple T1961093 — resolving that mention is where its identity was fixed. The disambiguator weighed these candidate entities and picked the highlighted one (or “None”, minting a new entity). This is how homonymy is resolved: the same surface form can point to different entities.
NED1
Entity disambiguation (via context triple)
gpt-5-mini-2025-08-07
Target entity: Crude Oil Windfall Profit Tax Act Context triple: [96th United States Congress, passedAct, Crude Oil Windfall Profit Tax Act]
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A.
Federal Oil and Gas Royalty Management Act of 1982
The Federal Oil and Gas Royalty Management Act of 1982 is a U.S. law that governs the collection, accounting, and auditing of royalties from oil and gas production on federal and Indian lands to ensure proper return to the public.
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B.
Wheeler-Rayburn Act
The Wheeler-Rayburn Act is a New Deal-era U.S. federal law that restructured and regulated electric utility holding companies to curb monopolistic practices and protect consumers and investors.
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C.
Emergency Petroleum Allocation Act of 1973
The Emergency Petroleum Allocation Act of 1973 was a U.S. federal law passed in response to the 1973 oil crisis that authorized the government to control and allocate petroleum supplies and regulate prices to address energy shortages.
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D.
Aldrich–Vreeland Act
The Aldrich–Vreeland Act was a 1908 U.S. law that created emergency currency provisions and laid groundwork for banking reform in response to the Panic of 1907.
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E.
Trans-Alaska Pipeline Authorization Act
The Trans-Alaska Pipeline Authorization Act is a 1973 U.S. federal law that cleared legal obstacles to constructing the Trans-Alaska Pipeline System to transport oil from Alaska’s North Slope to the port of Valdez.
- F. None of above. chosen
- G. Unsure - the case is ambiguous/there is not enough information to decide.
NED2
Entity disambiguation (via description)
gpt-5-mini-2025-08-07
Target entity: Crude Oil Windfall Profit Tax Act Target entity description: The Crude Oil Windfall Profit Tax Act was a U.S. federal law enacted in 1980 that imposed an excise tax on domestic oil producers’ revenues above a set benchmark to capture “windfall” gains resulting from deregulation and rising oil prices.
-
A.
Federal Oil and Gas Royalty Management Act of 1982
The Federal Oil and Gas Royalty Management Act of 1982 is a U.S. law that governs the collection, accounting, and auditing of royalties from oil and gas production on federal and Indian lands to ensure proper return to the public.
-
B.
Wheeler-Rayburn Act
The Wheeler-Rayburn Act is a New Deal-era U.S. federal law that restructured and regulated electric utility holding companies to curb monopolistic practices and protect consumers and investors.
-
C.
Emergency Petroleum Allocation Act of 1973
The Emergency Petroleum Allocation Act of 1973 was a U.S. federal law passed in response to the 1973 oil crisis that authorized the government to control and allocate petroleum supplies and regulate prices to address energy shortages.
-
D.
Aldrich–Vreeland Act
The Aldrich–Vreeland Act was a 1908 U.S. law that created emergency currency provisions and laid groundwork for banking reform in response to the Panic of 1907.
-
E.
Trans-Alaska Pipeline Authorization Act
The Trans-Alaska Pipeline Authorization Act is a 1973 U.S. federal law that cleared legal obstacles to constructing the Trans-Alaska Pipeline System to transport oil from Alaska’s North Slope to the port of Valdez.
- F. None of above. chosen
Statements (47)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal statute
ⓘ
tax law ⓘ |
| administeredBy | Internal Revenue Service ⓘ |
| appliesTo |
domestic crude oil producers
ⓘ
domestically produced crude oil ⓘ independent oil producers ⓘ major integrated oil companies ⓘ |
| appliesWithinJurisdiction | United States territory ⓘ |
| benchmarkBasis | 1979 regulated price levels adjusted for inflation ⓘ |
| codifiedIn | Title 26 of the United States Code ⓘ |
| collectedAs | excise tax at the producer or first purchaser level ⓘ |
| commodity | crude oil ⓘ |
| country |
United States
ⓘ
linked to:
United States of America
|
| criticizedFor |
complexity of calculation and compliance
ⓘ
discouraging domestic oil production ⓘ |
| designedAs | temporary revenue measure ⓘ |
| designedToTax | windfall profits from crude oil price increases ⓘ |
| effectiveFrom | 1980 ⓘ |
| enactedBy | 96th United States Congress ⓘ |
| enactedInYear | 1980 ⓘ |
| excludes | imported crude oil ⓘ |
| governmentLevel | federal ⓘ |
| hasEffect |
phased down as oil prices fell in mid-1980s
ⓘ
raised federal revenues during early 1980s ⓘ |
| historicalPeriod | post-1973 oil crisis era ⓘ |
| influencedBy |
OPEC oil price increases
ⓘ
domestic price controls on oil in the 1970s ⓘ |
| intendedRevenueUse |
energy-related and social programs
ⓘ
federal budget deficit reduction ⓘ |
| legalForm | excise tax on the difference between market price and statutory base price ⓘ |
| policyContext |
deregulation of domestic crude oil prices
ⓘ
rising world oil prices in the late 1970s ⓘ |
| purpose |
to capture windfall gains from crude oil price increases
ⓘ
to recoup part of the benefits of crude oil price deregulation for the federal government ⓘ |
| rateStructure | marginal tax rates varying by category of crude oil ⓘ |
| relatedTo |
United States energy policy
ⓘ
oil price deregulation under Jimmy Carter ⓘ |
| repealed | true ⓘ |
| repealedBy | United States Congress ⓘ |
| repealedInYear | 1988 ⓘ |
| sector | energy ⓘ |
| shortName |
Windfall Profit Tax
ⓘ
linked to:
Crude Oil Windfall Profit Tax Act
|
| signedBy | Jimmy Carter ⓘ |
| signedOnDate | 1980 ⓘ |
| subjectMatter | taxation of crude oil production ⓘ |
| taxBase | revenues above a statutory benchmark price ⓘ |
| taxType | excise tax ⓘ |
How these facts were elicited
The pipeline generated the facts above by prompting gpt-5.1 with this entity's name + description and the instruction below.
Instruction
You are a knowledge base construction expert. Given a subject entity and a description of it, return factual statements that you know for the subject as a JSON list of dictionaries(triples), where keys must be "subject", "predicate" and "object". The number of facts may be very high, between 25 to 50 or more, for very popular subjects. For less popular subjects, the number of facts can be very low, like 5 or 10. # Requirements - If you don't know the subject at all, return an empty list. - If the subject is not a named entity, return an empty list. - Include at least one triple where predicate is "instanceOf". - Do not get too wordy. - Separate several objects into multiple triples with one object.
Input
Subject: Crude Oil Windfall Profit Tax Act Description of subject: The Crude Oil Windfall Profit Tax Act was a U.S. federal law enacted in 1980 that imposed an excise tax on domestic oil producers’ revenues above a set benchmark to capture “windfall” gains resulting from deregulation and rising oil prices.
Referenced by (2)
Full triples — surface form annotated when it differs from this entity's canonical label.
linked to: Crude Oil Windfall Profit Tax Act