Crude Oil Windfall Profit Tax Act of 1980

96-223) was enacted as part of a compromise between the Carter Administration and the Congress over the decontrol of crude oil prices.

According to a report by the Congressional Research Service, the Act's title was a misnomer.

[2] The 96th United States Congress was motivated to enact the tax by several factors: On August 23, 1988, amid low oil prices, the tax was repealed when President Ronald Reagan signed P.L.

[3] Reagan had objected to the tax during his 1980 presidential campaign and promised to repeal it.

[1] As with the enactment, Congress was motivated by several factors: Since 1988, no windfall profit tax has been enacted in the U.S., however, when gas prices once again reached record levels there was renewed pressure on the U.S. government to bring back the tax.