America spends billions of dollars each year on imported energy, and the gap between what America consumes and what it produces continues to widen. Vast oil and gas resources on lands owned by the federal government offer America the opportunity to significantly reduce its dependence on imported oil although political obstacles to development may limit the search for additional oil and gas supplies. Incentives will be needed for those regions to yield significant new discoveries.

The Role of Domestic Production in a National Energy Policy. Leggette, L. Poe; Pell, Nancy L. and Greenfield, Juanita, Spring 2002, pp. 1‑7.

This is the second and final installment of an article on changes in petroleum accounting practices as detected by a series of surveys conducted jointly by the Institute of Petroleum Accounting and PricewaterhouseCoopers L.L.P. The topics covered in this installment include gas imbalance accounting, crude oil exchange, revenue accruals and finding costs, capitalized interest, and needed rule changes. The first part of this article appeared in the Fall/Winter 2001 issue of the Petroleum Accounting and Financial Management Journal.

Changes in Accounting Practices in the Oil and Gas Industry during the 1990s. Styles, Alan and Coe, Teddy L., Spring 2002, pp. 8‑37.

Many of the cases in this review of judicial and legislative decisions impacting the oil industry involve the aftermath of federal price regulations on natural gas during the 1970s and 1980s. Other prominent issues addressed in the past year include the discovery rule, class action certifications, and what costs can be deducted from royalty payments.

Recent Judicial and Legislative Developments Affecting Measurement and Payment of Royalties on Private Leases. Weaver, Jacqueline Lang, Spring 2002, pp. 38‑71.

For the past two decades the exploration end of the oil and gas business has been notoriously unprofitable. Part of the reason is that the industry has been plagued by chronic over-bidding that has shaped the market for exploration acreage and projects. From the point of view of most governments, this a healthy environment. However, it has not been healthy for most companies. Bidding and/or negotiations in the industry have been strongly influenced by both increased competition and over-optimistic estimates of oil prices, costs, prospect sizes, and success ratios.

The Bidding Dilemma: A Twenty-Year Retrospective. Johnston, Daniel, Spring 2002, pp. 72‑86.

Why is exception-based electronic document management important? What it could mean to the bottom line of your company? By the time you reach the end of this article, you should have enough information to calculate the dollar impact that these two measures could have on your specific organization.

Business-to-Business Integration: So Why Do You Care? Hoffman, Jim, Spring 2002, pp. 87‑92.

The limited liability company (LLC) has surpassed both S corporations and partnerships as the preferred structure under which to operate a business. Over the past few years, one of the most controversial issues regarding LLCs has been whether LLC members are subject to self-employment tax under Section 1401 of the Internal Revenue Code of 1986, as amended, the (Code). Practitioners continue to struggle with this issue, as the tax law remains unclear and Congress has not acted to clarify matters.

Self-Employment Tax and LLC Members: Options for the Petroleum Industry. Denham, Michael, Spring 2002, pp. 93‑102.