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 […]
The U.S. economy faces far more than cyclical troubles. It needs deeper, structural changes to substantially boost productivity and generate new jobs, the McKinsey Global Institute says in a new report entitled “Game Changers: Five Opportunities for U.S. Growth and Renewal.” “Structural problems have been brewing in the U.S. economy for decades,” the think-tank arm of the consulting firm […]
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 […]
Today, the American Petroleum Institute (API) released a study, conducted by Wood Mackenzie, that found repealing the Intangible Drilling Costs (IDCs) tax deduction would have a profoundly negative impact on American energy production, including the men and women whose jobs depend on it. According to the study, repeal of the IDC deduction would cost 190,000 American […]
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 Obama administration’s plan to alter tax deductions for some drilling costs would lead to the loss of 3.8 million barrels of oil equivalent per day from U.S. oil and gas fields, according to the American Petroleum Institute. A new study conducted for API by Wood Mackenzie concluded that President Barack Obama’s effort to eliminate […]
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