Over the last 12 months, the state has collected $11.3 billion in tax revenue — an all-time high, State Treasurer Ken Miller said Monday. The record tax receipt — $12.6 million higher than the previous record set in December 2008 — is an indication that Oklahoma has recovered from the Great Recession, Miller said. One […]
Texas is the largest oil and gas employer in the nation, and the city of Houston continues to be one of the most important energy centers in the world. There are almost 400,000 oil and gas workers in Texas, and last year alone that number increased by nearly 35,000. Houston is booming, and the economic […]
Increasing oil and gas taxes is a favorite standby of Washington politicians, just one more policy they use as a political tool and fail to recognize the real-life impact on their constituents. Any increases in costs are passed onto consumers, so the politically correct idea of increasing taxes on rich oil companies had the effect […]
Repealing the federal tax provision allowing oil and gas producers to deduct certain intangible drilling costs (IDCs) effective Jan. 1, 2014, would cost 190,000 US jobs in the first year and would cut drilling investments in the US by $407 billion over 10 years, a new study commissioned by the American Petroleum Institute found. “The […]
From 2008 to 2010, the United States was in a recession, the effects of which are still being felt. While Oklahoma’s state budget was squeezed, we weren’t forced into the drastic measures of some states — raising taxes, laying off workers and being forced to borrow money from the federal government. Oklahoma took a hit, […]
The budget battles in Iowa and Washington, D.C., have again ignited the debate over national priorities. In a world of infinite wants and finite resources, our elected officials are forced to choose the best way to raise and allocate resources. Putting aside the superficial partisan squabbling, the process does illuminate what our elected officials truly […]
Delaying the oil and gas industry’s ability to quickly recover intangible drilling costs (IDC) would lead to significant losses in oil and gas production and jobs, and negatively affect the economics of many key oil and gas plays, according to a recent report commissioned by the American Petroleum Institute (API).
The American oil and natural gas industry is one of the few sectors that is pushing the economy forward and investing here at home – including my backyard in New York’s Southern Tier – in an otherwise slow recovery environment. These producers have generated billions of dollars in state, local and federal revenues while creating […]
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