Oil Industry Tax Benefits Helping the Environment
![handle is hein.journals/ubenv7 and id is 52 raw text is: 46 Journal of Environmental Law [Vol.7
OIL INDUSTRY TAX BENEFITS HELPING THE
ENVIRONMENT
Charles T. Dillon
I. INTRODUCTION
Americans currently benefit from enormous economic prosperity
because they have confidence in America's future. In planning for the future, it
is best remembered that economic goals are achieved through policies made
with vision' and purpose.2 It is evident by the current innovative technological
ideas that dominate America,3 its record-breaking stock market,4 its low
unemployment,5 and its worldwide political and military influence,6 that
Congressional policy makers of America's past properly planned for today's
opportunities.
While most Americans believe that their future is likely to continue to
1 See Dr. Richard H. Kohn, Indecision is our fatal flaw, THE NEwS & OBSERVER
(Raleigh, NC), Nov. 8, 1998, at A25. In order for America to achieve a more explicit
understanding of what our relationship to the rest of the world should be ... requires vision... it
also requires policy: a set of goals supported by operating principles and steadfastness of purpose
on which to meet the momentary challenges of the day. Id.
2 See George W. Bush, Jr., Text of Bush Speech, AUSTIN AMERICAN-STATESMAN,
Mar. 8, 1999, at A4. I want the 21st century to be one of prosperity with a purpose ... the
purpose of prosperity is not merely material wealth. America must be prosperous and strong so
the next century will be peaceful. Id.
3 See Bernard Wysocki, Wealth of Notions: For This Economist, Long-Term
Prosperity Hangs on Good Ideas, WALLST. J., Jan. 21, 1997, at Al.
4 See Bill Barnhart, Market Rallies to Record Highs IBM Fuels Dow's Gain; Bonds
Retreat; Price for Crude Oil Rises, CmCAGO TRIBUNE, Apr. 23, 1999, at 5. The Dow Jones
industrial average rose 145.76 points, or 1.4 percent, to a record closing high 10,727.18, the
seventh record close in nine sessions. Id.
5 See Patrice Hill, Unemployment Rate Declines To 29-Year Low, THE
WASINGTON TIMEs, Apr. 3, 1999, at A13. The unemployment rate fell to 4.2 percent last
month - the lowest level since 1970 . . . [a]nalysts took the employment records as confirmation
that the economy remains on track for another year of heady growth and perhaps an all-time
record in length . I... Id.
6 See Calvin Woodward, Leaders Arrive for NATO Summit, AP ONLINE, Apr. 22,
1999, available in 1999 WL 17059496. This weekend, Washington welcomes 42 foreign
leaders for meetings marking NATO's 50th anniversary. At the start of the alliance ... in the
postwar world, America's imperative was clear. No more would the United States hew to a
foreign policy line first characterized by the founders. George Washington's caution - 'Europe
has a set of primary interests which to us would have none or a very remote relation' - was for the
past. Thomas Jefferson's injunction against 'entangling alliances' would not hold the nation
back. Id.](ViewImageLocal?handle=hein.journals/ubenv7&div=8&collection=&method=preview&ext=.png&size=3)
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