Secure Energy Supply Act of 1989

[AI summary unavailable — showing source text] Secure Energy Supply Act of 1989 - Title I: Tax Provisions - Amends the Internal Revenue Code to increase from 15 percent to 27.5 percent the percentage depletion with respect to oil and natural gas production from stripper wells. Exempts oil and gas wells from application of the net income limitation on percentage depletion. Permits a percentage depletion income tax deduction for proven oil and gas wells that have been transferred to a new owner. Repeals provisions that identify intangible drilling costs and percentage depletion as tax preference items for purposes of determining alternative minimum tax liability. Permits producers of crude oil to deduct 100 percent of any qualified loss on each barrel of domestic independent producer oil. Allows an 80 percent deduction with respect to all other domestic crude oil. Permits a six-year carryback with respect to any "qualified domestic crude oil loss," as newly defined in this Act. Title II: Domestic Petroleum Production Program - Domestic Petroleum Production Incentive Act of 1989 - Directs the President to promulgate a regulation that: (1) requires certain domestic refiners of petroleum products to continue to purchase crude oil fr…