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From the early 1980s, their owners began to close down COS sites. The significant increases in the price of oil had led many customers to convert to gas, solid fuel, or even to install their own oil tank. With fewer and fewer users per site, and maintenance costs remaining the same, the oil companies went through a closure programme, resulting ...
An external floating roof tank is a storage tank commonly used to store large quantities of petroleum products such as crude oil or condensate. It consists of an open- topped cylindrical steel shell equipped with a roof that floats on the surface of the stored liquid. The roof rises and falls with the liquid level in the tank. [1]
The concept started to be used by oil traders in the market in early 1990. [2] But it was in 2007 through 2009 that the oil storage trade expanded. [6] Many participants—including Wall Street giants, such as Morgan Stanley, Goldman Sachs, and Citicorp—turned sizeable profits simply by sitting on tanks of oil. [5]
The oil depletion allowance in American (US) tax law is a tax break claimable by anyone with an economic interest in a mineral deposit or standing timber. [citation needed] The principle is that the asset is a capital investment that is a wasting asset, and therefore depreciation can reasonably be offset (effectively as a capital loss) against income.
It may make sense to calculate your potential earnings in an IRA versus a Roth IRA. Contributions may be deductible. Contributions to your traditional IRA may be fully deductible, which can help ...
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An oil terminal (also called a tank farm, tankfarm, oil installation or oil depot) is an industrial facility for the storage of oil, petroleum and petrochemical products, and from which these products are transported to end users or other storage facilities. [1]
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