Obama Budget Seeks To End Oil, Gas Industry Tax Breaks

Reuters:

President Barack Obama's budget outline calls for eliminating substantial tax breaks and increasing fees for the oil and natural gas industry.

Read the whole story: Reuters

Comments

[1differentdrummer]

To subsidize EXXON is just a little bit nauseating, isn't it?

[BarackstarObama]

Great! President Obama's Budget will redistribute the country's wealth, but unlike 43, it will redistribute wealth to the middle class instead of to the wealthy.

[SoCalAmerican]

Oh what? Nobody saw this coming? Back when he was Senator Obama he's said he would do this.

Here come the whiners and lobbyists.

[TxAggie]

This will increase oil imports by causing the money to leave the US for more economic and attractive opportunities just like Jimmy Cater's Windall Profits tax did. Worse than that, by eliminating the IDCs, lenghtening the G&G write off, exempting the oil patch from the manufacturing tax credit will cause marginal wells to be plugged and many plays will not be economic and therefor never drilled. The decrease in domestic production will have an upward effect on the price of crude- gasoline will be more expensive and the cost of every product will in turn increase. The excise tax on production in the GOM is riduculous- 30% of the production we produce comes from the GOM, that should be encouraged not discouraged!!! Large companies like Exxon (who make most of their profits w foreign operations) will leave the us as will the contractors that serve our industry. This is a STUPID MOVE and the wrong one for the US consumer, US business and our country. History repeats itself, the politicians will make our energy crisis worse.

[armadillious2002]

Exxon Mobile left the USA long ago. I live in the very heart of the oil gas country and we haven't seen or heard anything from them for years.