Tag: Intangible Drilling Costs

  • Energy Tax Facts
  • 6 Oct 21

Mineral Rights Podcast: Mineral Rights News October 2021

This month the showhosts discuss articles that talk about whether or not we will be able to continue to expense Intangible Drilling Costs and to take the Percentage Depletion Deduction on our Royalties, Shell’s decision to leave the Permian Basin, and why elevated oil and gas prices will likely continue.

  • Energy Tax Facts
  • 1 Oct 21

Odessa American: Reconciliation bill stirs rhubarb

Pfluger, Pruett, TIPRO excoriate Biden’s plan Texas political leaders and oil and gas producers are fighting President Biden’s proposed budget reconciliation bill with all the force they can muster, saying the bill’s energy-related measures would severely damage the nation. … Pruett said the reconciliation bill “has provisions designed to put U.S. oil and gas producers […]

  • Energy Tax Facts
  • 25 Sep 21

Rep. Pfluger in San Angelo Standard Times: President Biden can’t be trusted with America’s checkbook

President Biden and my Democratic colleagues are also relentlessly pursuing policies that hinder American energy producers while simultaneously encouraging our adversaries to increase oil and gas production. You don’t need to have a PhD or be an economist to know that the Biden Administration has their priorities backwards. This theme unfortunately continues in this partisan […]

  • Energy Tax Facts
  • 26 Aug 21

The Hill: Oil producers push Democrats to preserve key drilling deduction

The U.S. tax code allows companies to recover the cost of drilling for oil and gas and preparing oil wells for production, a provision that helps boost U.S. oil production but has drawn criticism from environmental groups and Democratic lawmakers. Senate Finance Committee Chairman Ron Wyden (D-Ore.), who wields significant influence over tax changes in the reconciliation package, is […]

  • Energy Tax Facts
  • 13 Aug 21

Journal Record: Simmons : Intangible drilling costs deduction in crosshairs

By Brook A. Simmons, President of The Petroleum Alliance of Oklahoma The absurdity of U.S. President Joe Biden’s energy and national security policy becomes clearer by the day. Having committed his presidency to creating artificial U.S. energy scarcity by blocking pipelines, slowing crude oil and natural gas development on federal lands, and tying the U.S. energy […]

  • Energy Tax Facts
  • 12 Aug 21

PennLive: Removing tax provisions for energy hurts American consumers in more ways than one

By Jeff Kupfer, a former acting deputy secretary of energy in the Bush administration and an adjunct professor of policy in Carnegie Mellon University’s Heinz College It’s no secret that President Joe Biden is planning to use every tool at his disposal to wage an aggressive fight against climate change. Starting on his first day […]

  • Energy Tax Facts
  • 9 Aug 21

The Hill: “Tax hikes on energy will hurt the economy and America’s competitiveness”

BY BERNARD L. WEINSTEIN, OPINION CONTRIBUTOR Looking for ways to help pay for his $1 trillion infrastructure plan, President Biden has aimed his sights at the oil and gas industry. Among other proposals, the administration wants to raise the corporate tax rate from 21 percent to 28 percent and replace fossil fuel “subsidies” with clean energy incentives. Proponents estimate […]

  • Energy Tax Facts
  • 1 Aug 21

World Oil: Industry must find ways to survive increasingly authoritarian U.S. government

By David Blackmon, Contributing Editor DEMAGOGUING THE INDUSTRY ON MYTHICAL TAX “SUBSIDIES” Nowhere has the intensification of this war on oil and gas become clearer than in Democrats’ current efforts to raise taxes on the industry. In its “Green Book” related to the administration’s gargantuan omnibus budget bill, the Treasury Department uses this coded language […]