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Critics of the industry claim that there are other ways of appraising oil and gas inventory that would result in a higher value, and thus companies would have to pay more taxes.
WSJ: Merrill Matthews: About Those Tax Breaks for Big Oil . . .
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Today, the world has a solid inventory of oil on hand.
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Weaker than expected inventory data helped crude oil surge.
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This sunny forecast is largely based on an expected decline in crude oil prices combined with higher gasoline inventory levels and a continuing drop in demand due to increased small-car sales and other factors.
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Mr. Van Hollen proposes to reduce those inventory options available to the oil and gas industry, even though they are, and will remain, widely available to most U.S. companies.
WSJ: Merrill Matthews: About Those Tax Breaks for Big Oil . . .
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However if oil prices escalate, that could trump high gasoline inventory levels.
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An inventory of the by-products of Nigerian oil production is a salutary, if dismal, exercise: 85 percent of Nigerian oil revenues accrue to 1 percent of the population.
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Producers of cooking oil, for example, are shuttering production lines, holding inventory off supermarket shelves, or closing altogether.
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However, investors should also keep in mind that despite the rise in demand, prices for crude oil in the forth quarter have remained in line with the previous nine months, possibly a result of inventory stockpiles.
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Crude oil inventories always rise this time of year (in anticipation of summer gasoline demand) and the rise in inventory this year has been well within historic norms.
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