1 8 , ▁The ▁Om n ibus ▁Trade ▁and ▁Compet it iveness ▁Act ▁of ▁ 1 9 8 8 . ▁Re agan ▁had ▁object ed ▁to ▁the ▁tax ▁during ▁his ▁ 1 9 8 0 ▁president ial ▁campaign ▁and ▁promised ▁to ▁repe al ▁it . ▁As ▁with ▁the ▁en act ment , ▁Congress ▁was ▁motiv ated ▁by ▁several ▁factors : ▁▁ ▁A ▁principal ▁issue ▁in ▁the ▁debate ▁over ▁the ▁Act ' s ▁repe al ▁was ▁that ▁the ▁original ▁forec ast ▁of ▁reven ues ▁turned ▁out ▁to ▁have ▁been ▁significantly ▁over est im ated , ▁reflect ing ▁over est im ates ▁of ▁cru de ▁oil ▁prices . ▁ ▁From ▁ 1 9 8 0 ▁to ▁ 1 9 9 0 ▁the ▁tax ▁generated ▁gross ▁re venue ▁of ▁about ▁$ 8 0 ▁billion , ▁or ▁ 8 0 % ▁less ▁than ▁the ▁project ed ▁amount ▁of ▁$ 3 9 3 ▁billion . ▁ ▁Congress ▁was ▁also ▁concerned ▁that ▁the ▁tax ▁had ▁increased ▁the ▁nation ' s ▁dependence ▁on ▁imported ▁oil . ▁ ▁The ▁tax ▁was ▁an ▁exc ise ▁tax ▁on ▁oil ▁produced ▁dom est ically ▁in ▁the ▁United ▁States ; ▁it ▁was ▁not ▁im posed ▁on ▁imported ▁oil . ▁ ▁Dom estic ▁oil ▁produ cers ▁could ▁not ▁shift ▁the ▁tax ▁forward ▁as ▁a ▁higher ▁oil ▁s elling ▁price ▁because ▁the ▁purch aser ▁would ▁merely ▁substitute ▁imported ▁or ▁tax - ex empt ▁cru de . ▁ ▁The ▁tax ▁caused ▁domestic ▁oil ▁production ▁losses ▁in ▁every ▁year ▁until ▁ 1 9 8 6 , ▁when ▁cru de