Secure Energy Supply Act of 1986

[AI summary unavailable — showing source text] Secure Energy Supply Act of 1986 - Title I: Deduction and Special Net Operating Loss Treatment for Producers for Certain Losses On Crude Oil - Amends the Internal Revenue Code to permit crude oil producers to deduct as a qualified loss 100 percent of the amount by which the removal price of the oil is below the adjusted base price of such oil plus the amount of the severance tax adjustment with respect to such oil, in the case of independent producer oil, and 80 percent of such amount for all other domestic crude oil. Prohibits the aggregate loss deductions from exceeding the aggregate amount of windfall profit tax paid by such producer. Allows the qualified losses with respect to domestic crude oil to be carried back to each of the six taxable years preceding the taxable year of such loss. Repeals the windfall profit tax. Title II: Increases in Tariffs on Petroleum and Petroleum Products - Amends the Tariff Schedules of the United States to increase the duties on crude petroleum and fuel oils, crude shale oil, motor fuels, kerosene, and napthas imported into the United States (by specified amounts plus applicable offset amounts per barrel). Defines "applicable offset amount." Requ…