Old Oil Adjustment Tax and New Oil Deregulation Act of 1979

[AI summary unavailable — showing source text] Old Oil Adjustment Tax and New Oil Deregulation Act of 1979 - Amends the Internal Revenue Code to impose an excise tax upon the windfall profits of producers of taxable crude oil which is extracted during each taxable period. Exempts producers from such tax whose production during any taxable period does not exceed the product of 3,000 barrels multiplied by the number of days during such period. Establishes the amount of such tax at 100 percent of the windfall profit on tier one and tier two oil, and 60 percent of the windfall profit on tier three oil. Provides for a 50 percent tax rate in the case of Sadlerochit oil which is tier three oil. Defines "taxable crude oil" as all domestic crude oil other than: (1) qualified Alaskan oil (crude oil produced from a well north of the Arctic Circle other than Sadlerochit oil); (2) newly discovered oil and incremental tertiary oil; and (3) stripper oil (as defined by the June 1979 energy regulations). Defines "tier one oil" as domestic crude oil which is lower tier oil (oil subject to the lower tier ceiling price rule of the June 1979 energy regulations), or would be lower tier oil if the base production control level for such oil were reduc…