In his State of the Union speech last month, President Obama doubled down on his support for natural gas, calling it “the bridge fuel that can power our economy with less carbon pollution that causes climate change.” Is that the right decision? Why or why not? The president’s full-throttled endorsement of natural gas—both as an economic driver […]
This week, President Obama took the stage for the 2014 State of the Union to reflect on the past year, project his plans for 2014, and – as he has done in many years prior – emphasize the critical role of American energy for the U.S. economy. As the President highlighted, the United States is […]
On December 13th, the Independent Petroleum Association of America (IPAA), American Petroleum Institute (API), America’s Natural Gas Alliance (ANGA), and other industry leaders sent a letter to Chairman Baucus regarding his recent tax reform proposal and its impact on a major recent success stories in the American economy – the oil and natural gas industry. […]
For years, decades really, some political factions in Washington have urged Congress to change the tax code by eliminating what they consider certain unnecessary deductions given to the oil and gas industry. One of these proposed changes is abolition of the Intangible Drilling Costs deduction. Senator Max Baucus of Montana, chairman of the Senate Finance […]
WASHINGTON — The oil and gas industry dodged another bullet in the new congressional budget deal, which avoids spiking tax breaks long used by energy companies. Instead, the deal makes modest cuts to a government ultradeep-water research program and to a policy that lets companies collect interest on royalty overpayments. The budget agreement lawmakers unveiled […]
Dave Galt, Executive Director for the Montana Petroleum Association, explains, “These aren’t ‘subsidies’. IDCs are part of a century-old accounting standard that encourages investment to provide foundation capital that makes production possible for small, independent companies especially.” This year marks the 100th birthday of a tax treatment that allows companies to attract capital and recoup […]
As National budget discussions escalate, we can expect to receive more insight into Congress’s framework for business tax reform. An important aspect of this framework is a focus on eliminating tax breaks for specific industries. The American oil and natural gas industry commonly becomes a target in these discussions. However, rarely is any focus given to […]
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