Looks as though the people of Norway were intelligent and vigilant enough to achieve A form of Government that shared the "commons"/profits of the North Sea Oil with ALL instead of the greedy jerks in America that fleeced us all of the National/Natural bounty of the Land- I bet that there was no "Oil Depletion Allowance" given to the North Sea Producers- And so it goes with Capitalism and the greedy PIGS at the trough.....
"Oil Depletion Allowance":
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."
John Kennedy was intent on ending this-
But, After the assassination of Kennedy, President Lyndon B. Johnson dropped the government plans to remove the oil depletion allowance.