Posted on 03/17/2009 8:19:10 AM PDT by bestintxas
A U.S. budget proposal repealing long-standing tax breaks for oil and natural-gas companies is troubling small producers who fear that key investment sources may dry up.
In late February, the Obama administration proposed a new 2010 budget that would eliminate tax breaks on intangible drilling costs such as fuel, labor and repair costs, which help attract capital to high-risk
oil and gas drilling. Removing these incentives would bring the U.S. Treasury at least $31.5 billion in extra revenue, but could thin the ranks of small, independent energy producers and stymie drilling activity.
"I think the administration was tying to aim their shot at Big Oil but what they did was hit independents right between the eyes," said Mike Terry, president of the Oklahoma Independent Petroleum Association, adding that the proposal could force some small independents out of business.
(Excerpt) Read more at rigzone.com ...
You have to really work at it.
Obambi was against small businesses before he was for them...lol
Enjoy your $10/gal gas. Thank obozo when you fill up or pay your food bill.
Pray for America, Our Troops and obama’s Failure
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