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  • bluecheese4u bluecheese4u Apr 11, 2013 1:26 AM Flag

    Obama budget would end oil industry tax breaks, hike royalites

    April 10, 2013 at 3:55 pm by Jennifer A. Dlouhy

    In unveiling his $3.8 trillion spending plan for the U.S. government on Wednesday, President Barack Obama revived his longstanding attack on oil industry tax breaks and formally launched a plan to pay for alternative vehicle research with drilling dollars.

    While the tax plans are dead on arrival on Capitol Hill — where lawmakers have rejected similar proposals many times before — they drew outrage from oil and gas industry leaders who said Obama was seeking to use the sector as a piggy bank.

    The fiscal 2014 budget proposal aims to raise $2.5 billion over the next decade by raising the royalty rates for oil and gas produced on federal lands and waters, with the revenue steered toward a new Energy Security Trust for research in alternative fuels and vehicles.

    American Petroleum Institute President Jack Gerard said the move is shortsighted, especially since a single sale of offshore drilling leases can net more than $1 billion just in bids to buy drilling rights — even before the royalty payments from oil and gas that might be produced on the acreage.

    “What we’re seeing come out of the president again is the same old tired approach that he’s taken before,” Gerard said. “The president is talking about jobs and revenue, yet the proposals related to energy hurt job creation and limit revenue by discouraging the very activity that generates revenue.”

    Fighting back: API mounts new campaign against oil industry taxes

    The administration says Obama’s budget would save $39 billion over the next 10 years by eliminating “fossil fuel tax preferences” geared toward oil, gas and coal. Items on the chopping block include the oil industry’s ability to claim a domestic manufacturing deduction broadly available to other sectors, and write off “intangible drilling costs”...


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