▁reset ▁to ▁world ▁oil ▁price ▁levels . ▁Congress ▁believed ▁that ▁the ▁project ed ▁huge ▁red ist ribution ▁of ▁income ▁from ▁energy ▁consum ers ▁to ▁energy ▁produ cers ▁would ▁not ▁be ▁fair . ▁ ▁Congress ▁also ▁felt ▁the ▁industry ▁was ▁not ▁pay ing ▁its ▁fair ▁share ▁of ▁federal ▁tax es . ▁ ▁The ▁oil ▁industry ' s ▁low ▁effective ▁income ▁tax ▁rates ▁were ▁due ▁to ▁the ▁avail ability ▁of ▁two ▁oil ▁industry ▁tax ▁dedu ctions : ▁the ▁percentage ▁de ple tion ▁allow ance , ▁and ▁the ▁provision ▁which ▁perm its ▁companies ▁to ▁exp ense ▁( ded uct ▁fully ▁in ▁the ▁initial ▁year ) ▁the ▁int ang ible ▁costs ▁of ▁dr illing . ▁ ▁In ▁addition , ▁Congress ▁was ▁looking ▁for ▁additional ▁sources ▁of ▁re venue . ▁ ▁Between ▁ 1 9 6 1 ▁and ▁ 1 9 7 9 , ▁the ▁federal ▁budget ▁was ▁in ▁def ic it ▁in ▁every ▁year ▁but ▁one ▁( there ▁was ▁a ▁small ▁sur plus ▁in ▁F Y 1 9 6 9 ). ▁ ▁The ▁Congress ' s ▁J oint ▁Committee ▁on ▁Tax ation ▁project ed ▁the ▁tax ▁would ▁generate , ▁from ▁ 1 9 8 0 ▁to ▁ 1 9 9 0 , ▁additional ▁gross ▁reven ues ▁of ▁approximately ▁$ 3 9 3 ▁billion . ▁ ▁Re pe al ▁On ▁August ▁ 2 3 , ▁ 1 9 8 8 , ▁amid ▁low ▁oil ▁prices , ▁the ▁tax ▁was ▁repe aled ▁when ▁President ▁Ron ald ▁Re agan ▁signed ▁P . L . ▁ 1 0 0 - 4