Industry to Meet with Salazar on Producer Issues
API officials are meeting with the new Interior Secretary, Ken Salazar, this week to discuss the Administration's proposals to impose new fees and eliminate tax incentives for American energy producers, according to this report from the Houston Chronicle. Among other things, at issue are plans to repeal deductions for intangible drilling costs, prevent oil and natural gas companies from claiming domestic manufacturing deductions and a repeal the percentage depletion for wells.
[Update: The Fort Worth Business Press is reporting that the Natural Gas Council has sent a letter to Congress pointing out the effect of the new Administration's tax proposals on the production industry and, ultimately, prices to the consumer. A similar letter from IPAA can be found here. (Moved up)]
