Taxes

Post Reply
dan_s
Posts: 34471
Joined: Fri Apr 23, 2010 8:22 am

Taxes

Post by dan_s »

GOP Sens. balk at oil, gas tax hikes for infrastructure bill . Law360 .
Democratic proposals to eliminate the preferential tax treatment afforded to oil and gas companies would be a nonstarter for GOP lawmakers in negotiations with Democrats over a major infrastructure bill, Republicans on the Senate Finance Committee said Tuesday. The various tax incentives available to oil and gas companies have been part of the U.S. tax code for decades and have assisted in energy efficiency efforts, Sen. John Barrasso, R-Wyo., said during a hearing of the committee.

During my 40+ years in the oil and gas industry all taxes on oil & gas companies are passed on the consumers through higher fuel prices, which will hurt middle class people who work for a living. I know it sounds good to "Go after the BAD oil companies", but it is stupid to raise fuel prices while we are trying to rebound from the pandemic.

Elimination of the IDC deduction and percentage depletion will hurt the private companies that use drilling partnerships to raise funds. I will be speaking at the Mick Law Energy Symposium in Dallas on May 16. Most of the speakers are from private companies that sell drilling programs and minerals partnerships. Last year's event was cancelled because of Covid-19, but the previous three years I was the opening speaker. Normal attendance is ~150.
Dan Steffens
Energy Prospectus Group
Post Reply