Proposed Tax Changes on US Oil and Gas Producers

Last week, the government released a lengthy document, General Explanations of The Administrations 2010 Revenue Proposals, which includes a 12 page segment titled “Eliminate Oil and Gas Company Preferences”. I’ve excerpted some of these below the fold. It strikes me that the authors of these rules do not grasp that oil has peaked, and we can’t continue business as usual nor pay back our financial debts by importing 70%+ of our oil. My thoughts follow the excerpts.

TOD