The People of America's Oil and Natural Gas Indusry

Energy Tomorrow Blog

energy-taxes  energy-policy  oil-taxes  natural-gas-tax 

Stephen Comstock

Stephen Comstock
Posted March 20, 2013

Associate editor at The Atlantic Jordan Weissmann had a provocatively titled piece yesterday on taxes and the oil natural gas industry which may have generated some traffic, but it certainly did nothing to contribute to an honest debate.  His premise was to identify tax increases on the oil and natural gas industry as a: “safe ground to set up camp for the budget negotiations.”

The US imposes tax on net income, not gross income, which means that all businesses, whether they are farmers, manufacturers or oil companies, are allowed to deduct their normal business expenses from income in calculating their tax due.  Accordingly, the oil and gas industry is eligible for business deductions that are the same as or similar to those available to other taxpayers.  Contrary to what others may say, the industry does not receive credits, does not benefit of mandates and is not directly subsidized by the federal government. Weissmann’s one-sided opinion piece attempts to state otherwise by identifying specific items – so let’s look at them:

Expensing Intangible Drilling Costs ($13.9 billion): Since 1913, this tax break has let oil companies write off some costs of exploring for oil and creating new wells.

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american-economy  american-jobs  domestic-energy  energy-taxes  gasoline-prices  government-revenue  taxes  natural-gas-tax  oil-tax  pricewaterhouse-coopers-study 

Jack Gerard

Jack Gerard
Posted May 12, 2011

Even as the economy creates more jobs, unemployment remains much too high. That is one reason Americans remain highly suspicious of efforts to increase taxes on the oil and natural gas industry, an industry that supports more than 9.2 million jobs - and could create more than one million new jobs if we opened areas currently off limits, pursued oil and natural gas shale development, and furthered our energy partnership with Canada.

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access  domestic-energy  energy-policy  leasing  natural-gas-jobs  natural-gas-tax  pennsylvania  taxes  unemployment  ed-rendell  severance-tax 

Jane Van Ryan

Jane Van Ryan
Posted October 27, 2010

Pennsylvania Governor Ed Rendell yesterday signed an executive order halting natural gas development on state lands. In a statement, he said the ban was needed "to protect our un-leased public lands from this [drilling] rush." But many believe the executive order was driven by politics, not environmental protection. 

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