The Oil Industry Wants Taxpayers To Prop Up Nearly Half Of Its New U.S. Drilling
The evaluation provides one of the crucial detailed photos so far of the industry’s reliance on tax breaks and authorities handouts. Federal allowances ― of which the Obama administration recognized almost $four billion in 2012 ― abound. For instance, producers can write off oil and gas that gets flared or used on drilling websites to power equipment, and by no means have to pay royalties on it. They’ll deduct many drilling and us wholesale natural gas prices field improvement prices. Special exemptions for so-referred to as “master limited partnerships” enable large chunks of the business to keep away from company revenue taxes.
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