Last week, Presidential candidates Hillary Clinton and Donald Trump both traveled to Michigan within days of each other to give major economic policy speeches. With the economy continuing to falter — recent Commerce Department numbers show a paltry 1.2 percent growth the last quarter — Americans were eager to hear the candidates’ proposals on how to get the nation back on the right economic path.
Discussion of economic policy inevitably involves a discussion on addressing tax policy and implementing tax reform. It’s also inevitable that tax reform discussion leads us to a persistent myth which continues to rear its ugly head despite evidence to the contrary — that America’s oil and natural gas companies receive subsidies from the government.
Three long-standing tax deductions are typically targeted for elimination — percentage depletion, intangible drilling costs, and the domestic manufacturing deduction (also known as Section 199). All are critical as they enable energy companies to explore, develop and invest.
Removing important tax deductions would ultimately result in not only the loss of jobs and contributions to the U.S Gross Domestic Product, but investments the industry makes that have taken our nation from an era of energy scarcity to one of energy abundance. [more]
Oklahoma has joined a dozen other states in a lawsuit challenging federal regulations for methane emissions from new equipment at oil and natural gas sites.
Attorney General Scott Pruitt joined the effort Tuesday led by West Virginia Attorney General Patrick Morrisey. The rules are part of the Obama administration’s goal to cut methane emissions from the oil and gas industry more than 40 percent from 2012 levels by 2025.
The deadline to file challenges to the rule was Tuesday. In separate filings, Texas and North Dakota challenged the regulations last week. Several industry groups, including the Oklahoma Independent Petroleum Association and the Domestic Energy Producers Alliance, joined together in their own lawsuit against the regulations. [more]
Two days after President Obama last week signed the bill that repealed the country's four-decade ban on oil exports, US oil traded for more than the international standard for the first time since 2010.
Oklahoma oilman Harold Hamm and others who have lobbied for the change say the price reversal is a sign the world sees domestic light, low-sulfur oil as superior to international oil, much of which is denser and higher in sulfur.
“WTI is trading better than Brent, reflecting the willingness of the world market to pay for the exceptional quality of US light sweet crude,” said Hamm, chairman of the Domestic Energy Producers Alliance (DEPA). [more]
US oil is trading higher than the international standard for the first time since 2010 after President Barack Obama signed a measure last week lifting the nation's four-decade ban on oil exports, the Oklahoman reported Friday.
Domestic oil gained 60 cents to $38.10 a barrel on Thursday while oil produced elsewhere added 53 cents to close at $37.89.
Harold Hamm, CEO of Continental Resources, says it's a sign that the world sees domestic light, low-sulfur oil as superior to international oil, much of which is denser and higher in sulfur. [more]