Note that many more loopholes have been added since for Oil Men even as they have made record mega profits..
Robert Bryce pointed out in his book, Cronies: Oil, the Bushes, and the Rise of Texas, America's Superstate, "Numerous studies showed that the oilmen were getting a tax break that was unprecedented in American business. While other businessmen had to pay taxes on their income regardless of what they sold, the oilmen got special treatment." Bryce gives an example in his book how the oil depreciation allowance works. "An oilman drills a well that costs $100,000. He finds a reservoir containing $10,000,000 worth of oil. The well produces $1 million worth of oil per year for ten years. In the very first year, thanks to the depletion allowance, the oilman could deduct 27.5 per cent, or $275,000, of that $1 million in income from his taxable income. Thus, in just one year, he's deducted nearly three times his initial investment. But the depletion allowance continues to pay off. For each of the next nine years, he gets to continue taking the $275,000 depletion deduction. By the end of the tenth year, the oilman has deducted $2.75 million from his taxable income, even though his initial investment was only $100,000." Such a system was clearly unfair and only benefited a small group of businessmen in Texas. It seemed only a matter of time before Congress removed this tax loophole. However, these oilmen used some of their great wealth to manipulate the politicians in Washington -- especially LBJ. Ironically, Kennedy wanted to reduce the Oil Depletion Allowance. Kennedy was also opposed to the escalating Vietnam conflict. With 16,000 military advisors in Vietnam, big oil and big business desperately wanted to see this develop to a full blown war. But Kennedy had already signed a National Security Document (NSA #263) to withdraw all of the troops by 1965. With billions to be made from a military economy, Kennedy was an obvious obsticle. But Johnson was seen as a friend to big money. This love-hate conflict with the Kennedy administration was especially felt by one wealthy, big-oil man named Clint Murchison. And it was at the Murchison mansion, just before Kennedy's trip to Dallas in 1963, where the fate of both LBJ and JFK would eventually be decided. <http://books.google.com/books?id=qHidXJitaAsC&dq=Robert+Bryce+pointed+out+i n+his+book,+Cronies:+Oil,+the+Bushes,+and+the+Rise+of+Texas,+America's+Super state&source=bn&hl=en&ei=khMgS_bSIJKGnAfAsK3WDQ&sa=X&oi=book_result&ct=book- thumbnail&resnum=5&ved=0CBQQ6wEwBA> http://books.google.com/books?id=qHidXJitaAsC&dq=Robert+Bryce+pointed+out+in +his+book,+Cronies:+Oil,+the+Bushes,+and+the+Rise+of+Texas,+America's+Supers tate&printsec=frontcover&img=1&zoom=5 <http://books.google.com/books?id=qHidXJitaAsC&dq=Robert+Bryce+pointed+out+i n+his+book,+Cronies:+Oil,+the+Bushes,+and+the+Rise+of+Texas,+America's+Super state&printsec=frontcover&source=bn&hl=en&ei=khMgS_bSIJKGnAfAsK3WDQ&sa=X&oi= book_result&ct=result&resnum=5&ved=0CBMQ6AEwBA> Cronies: Oil the Bushes and the Rise of Texas ... by Robert Bryce - 2004 - 366 pages books.google.com - About <http://books.google.com/books?id=qHidXJitaAsC&dq=Robert+Bryce+pointed+out+i n+his+book,+Cronies:+Oil,+the+Bushes,+and+the+Rise+of+Texas,+America's+Super state&source=bn&hl=en&ei=khMgS_bSIJKGnAfAsK3WDQ&sa=X&oi=book_result&ct=book- ref-page-link&cad=one-book-with-thumbnail&resnum=5&ved=0CBUQ6gEwBA> this book - More <http://books.google.com/books?hl=en&q=Robert+Bryce+pointed+out+in+his+book, +Cronies:+Oil,+the+Bushes,+and+the+Rise+of+Texas,+America's+Superstate&um=1& ie=UTF-8&ei=khMgS_bSIJKGnAfAsK3WDQ&sa=X&oi=book_result&ct=more-books-link&ca d=one-book-with-thumbnail&resnum=5&ved=0CBYQ6QEwBA> book results > 1. LBJ Killed JFK... <http://www.viewzone.com/lbj/lbj2.html> American History and Politics As Robert Bryce pointed out in his book, Cronies: Oil, the Bushes, and the Rise of Texas, America's Superstate,. "Numerous studies showed that the oilmen ... www.viewzone.com/lbj/lbj2.html - Similar <http://www.google.com/search?hl=en&q=related:www.viewzone.com/lbj/lbj2.html +Robert+Bryce+pointed+out+in+his+book,+Cronies:+Oil,+the+Bushes,+and+the+Ris e+of+Texas,+America's+Superstate&sa=X&ei=khMgS_bSIJKGnAfAsK3WDQ&ved=0CBoQHzA F> 2. <http://www.npr.org/templates/story/story.php?storyId=1960339> Robert Bryce, 'Texas, America's Superstate' : NPR In his new book, Cronies: Oil, the Bushes, and the Rise of Texas, America's Superstate he charts the history of the relationship between the powerful Texas ... www.npr.org/templates/story/story.php?storyId=1960339 3. Gusher <http://search.barnesandnoble.com/Gusher-of-Lies/Robert-Bryce/e/978158648321 0> of Lies, Robert Bryce, Book - Barnes & Noble BARNES & NOBLE - Find Gusher of Lies by Robert Bryce. Enjoy book clubs, author ... and Cronies: Oil, the Bushes, and the Rise of Texas, America's Superstate, ... to his opinion, he failed, in my view, to sufficiently prove either point. .... political and military shenanigans that beset it: cleaning out the pork ... search.barnesandnoble.com/.../Robert-Bryce/.../9781586483210 - Cached <http://74.125.95.132/search?q=cache:xqNNJ5udIJIJ:search.barnesandnoble.com/ Gusher-of-Lies/Robert-Bryce/e/9781586483210+Robert+Bryce+pointed+out+in+his+ book,+Cronies:+Oil,+the+Bushes,+and+the+Rise+of+Texas,+America%27s+Superstat e&cd=2&hl=en&ct=clnk> - Similar <http://www.google.com/search?hl=en&q=related:search.barnesandnoble.com/Gush er-of-Lies/Robert-Bryce/e/9781586483210+Robert+Bryce+pointed+out+in+his+book ,+Cronies:+Oil,+the+Bushes,+and+the+Rise+of+Texas,+America's+Superstate&sa=X &ei=khMgS_bSIJKGnAfAsK3WDQ&ved=0CAsQHzAB> 4. Books | <http://robertbryce.com/node/8> Robert Bryce-author/journalist Cronies: Oil, the Bushes, and The Rise of Texas, America's Superstate ... This isn't just the first book to make sense out of the debacle; ... June 19, 2008: Bryce is on To The Point with Warren Olney on KCRW to talk about offshore drilling. ... columnist Robert J. Samuelson mentions Bryce and Gusher of Lies in his ... robertbryce.com/node/8 - Cached <http://74.125.95.132/search?q=cache:0WrhfLqjL8EJ:robertbryce.com/node/8+Rob ert+Bryce+pointed+out+in+his+book,+Cronies:+Oil,+the+Bushes,+and+the+Rise+of +Texas,+America%27s+Superstate&cd=3&hl=en&ct=clnk> 5. Welcome! | <http://www.robertbryce.com/homepage?page=5> Robert Bryce-author/journalist With the reelection of George W. Bush, the Texanization of American ... and the Rise of Texas, America's Superstate," looks at President Bush as an ... His new book is Cronies: Oil, the Bushes, and the Rise of Texas -- America's Superstate. ... Robert Bryce provides a fascinating look at the influence Texas ... www.robertbryce.com/homepage?page=5 - Cached <http://74.125.95.132/search?q=cache:a5lU05AG_uUJ:www.robertbryce.com/homepa ge%3Fpage%3D5+Robert+Bryce+pointed+out+in+his+book,+Cronies:+Oil,+the+Bushes ,+and+the+Rise+of+Texas,+America%27s+Superstate&cd=4&hl=en&ct=clnk> Show <http://www.google.com/search?hl=en&q=Robert+Bryce+pointed+out+in+his+book%2 C+Cronies%3A+Oil%2C+the+Bushes%2C+and+the+Rise+of+Texas%2C+America%27s+Super state&btnG=Search&aq=f&oq=&aqi=> more results from www.robertbryce.com 6. 7. Amazon.com: <http://www.amazon.com/Gusher-Lies-Dangerous-Delusions-Independence/dp/15864 83218> Gusher of Lies: The Dangerous Delusions of Energy ... Bryce is a journalist and he explains his views in the easy to understand, ... and Cronies: Oil, The Bushes, and the Rise of Texas, America's Superstate, ... Written by Robert Bryce, a fellow at the Institute for Energy Research and .... 4.0 out of 5 stars Gusher of Lies This is an important book in mny ways: one, ... www.amazon.com > ... > <http://www.google.com/url?q=http://www.amazon.com/Economic-Policy-Developme nt-Economics-Books/b%3Fie%3DUTF8%26node%3D2588&ei=khMgS_bSIJKGnAfAsK3WDQ&sa= X&oi=breadcrumbs&resnum=8&ct=result&cd=1&ved=0CB0Q6QUoAQ&usg=AFQjCNEHxr6MOx0 KRa9acPEDUr6HATWHXQ> Economic Policy & Development - Cached <http://74.125.95.132/search?q=cache:IilRRwavC2wJ:www.amazon.com/Gusher-Lies -Dangerous-Delusions-Independence/dp/1586483218+Robert+Bryce+pointed+out+in+ his+book,+Cronies:+Oil,+the+Bushes,+and+the+Rise+of+Texas,+America%27s+Super state&cd=7&hl=en&ct=clnk> - Similar <http://www.google.com/search?hl=en&q=related:www.amazon.com/Gusher-Lies-Dan gerous-Delusions-Independence/dp/1586483218+Robert+Bryce+pointed+out+in+his+ book,+Cronies:+Oil,+the+Bushes,+and+the+Rise+of+Texas,+America's+Superstate& sa=X&ei=khMgS_bSIJKGnAfAsK3WDQ&ved=0CB8QHzAG> 8. Cronyism - <http://en.wikipedia.org/wiki/Cronyism> Wikipedia, the free encyclopedia Harding appointed his old college friends as members of his cabinet, resulting in several scandals. ... without any experience, a point that McNamara made clear in the 2003 documentary The Fog of War. ... Cronies - Robert Bryce's 2004 book, "Cronies: Oil, The Bushes, And The Rise of Texas, America's Superstate" ... en.wikipedia.org/wiki/Cronyism - Cached <http://74.125.95.132/search?q=cache:y_nKbkNZIw8J:en.wikipedia.org/wiki/Cron yism+Robert+Bryce+pointed+out+in+his+book,+Cronies:+Oil,+the+Bushes,+and+the +Rise+of+Texas,+America%27s+Superstate&cd=8&hl=en&ct=clnk> - Similar <http://www.google.com/search?hl=en&q=related:en.wikipedia.org/wiki/Cronyism +Robert+Bryce+pointed+out+in+his+book,+Cronies:+Oil,+the+Bushes,+and+the+Ris e+of+Texas,+America's+Superstate&sa=X&ei=khMgS_bSIJKGnAfAsK3WDQ&ved=0CCIQHzA H> 9. <http://www.spartacus.schoolnet.co.uk/JFKoildepletion.htm> Oil Depletion Allowance As Robert Bryce pointed out in his book, Cronies: Oil, the Bushes, and the Rise of Texas, America's Superstate: "Numerous studies showed that the oilmen ... www.spartacus.schoolnet.co.uk/JFKoildepletion.htm - Cached <http://74.125.95.132/search?q=cache:lTak2pK1SQkJ:www.spartacus.schoolnet.co .uk/JFKoildepletion.htm+Robert+Bryce+pointed+out+in+his+book,+Cronies:+Oil,+ the+Bushes,+and+the+Rise+of+Texas,+America%27s+Superstate&cd=9&hl=en&ct=clnk > - Similar <http://www.google.com/search?hl=en&q=related:www.spartacus.schoolnet.co.uk/ JFKoildepletion.htm+Robert+Bryce+pointed+out+in+his+book,+Cronies:+Oil,+the+ Bushes,+and+the+Rise+of+Texas,+America's+Superstate&sa=X&ei=khMgS_bSIJKGnAfA sK3WDQ&ved=0CCUQHzAI> 10. [PDF] <http://www.theoildrum.com/pdf/theoildrum_3686.pdf> Book Review: Gusher of Lies File Format: PDF/Adobe Acrobat - Quick <http://www.google.com/url?q=http://docs.google.com/viewer%3Fa%3Dv%26q%3Dcac he:wCFxN7hisjYJ:www.theoildrum.com/pdf/theoildrum_3686.pdf%2BRobert%2BBryce% 2Bpointed%2Bout%2Bin%2Bhis%2Bbook,%2BCronies:%2BOil,%2Bthe%2BBushes,%2Band%2 Bthe%2BRise%2Bof%2BTexas,%2BAmerica's%2BSuperstate%26hl%3Den%26sig%3DAHIEtbT HffTKSDSoGBxt2f0okfMyygp__Q&ei=khMgS_bSIJKGnAfAsK3WDQ&sa=X&oi=gview&resnum=1 0&ct=other&ved=0CCgQxQEwCQ&usg=AFQjCNF6q4eEncQpf6k0ZkIibtM9hHAFDg> View Tags: book review, energy independence, robert bryce [list all tags] ... His newest book, Gusher of Lies: The Dangerous Delusions of ... The author of Pipe Dreams: Greed, Ego, and the Death of Enron, and Cronies: Oil, The. Bushes, and the Rise of Texas, America's Superstate, he lives in Austin with his wife, ... www.theoildrum.com/pdf/theoildrum_3686.pdf 11. Dissecting <http://multinationalmonitor.org/mm2004/05012004/may-june04book.html> the Bush Administration Because he aims to help change the current regime, Derber wants his book to motivate .... Cronies: Oil, the Bushes, and the Rise of Texas, America's Superstate ... Robert Bryce's breezy Cronies locates President George W. Bush and his father as ... It is pretty hard at this point to deny that such a machine exists; ... multinationalmonitor.org/mm2004/05012004/may-june04book.html - Cached <http://74.125.95.132/search?q=cache:5Bfkn553cegJ:multinationalmonitor.org/m m2004/05012004/may-june04book.html+Robert+Bryce+pointed+out+in+his+book,+Cro nies:+Oil,+the+Bushes,+and+the+Rise+of+Texas,+America%27s+Superstate&cd=11&h l=en&ct=clnk> *** exposing the hidden truth for further educational research only *** CAVEAT LECTOR *** In accordance with Title 17 U.S.C. 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