Windfall oil rate set by Capitol Hill conferees

House and Senate conferees tentatively agreed Thursday that a windfall- profits tax rate on all oil from wells discovered before 1979 would be between 65 and 70 percent. By voice vote, the conferees agreed to the rate as they resumed work on how to raise $227 billion in windfall revenue.

The conferees also agreed that the tax on oil discovered before last year would be figured from a $12.80-a-barrel base price, adjusted for inflation as of last May.