Oil and gas firms so far elude flak over super failure

So far, oil and gas companies have been strangely absent from Democratic Party explanations for why the congressional super committee failed. The Joint Select Committee on Deficit Reduction on Nov. 21 quit trying to find $1.2 trillion in fiscal remedies and defaulted to categorical spending cuts beginning in 2013. Thus ended the latest assault on tax preferences important to oil and gas companies, such as immediate expensing of intangible drilling costs and a credit for taxes paid abroad. Overall, the outcome isn’t surprising. Contemporary American politics has become a clash of expectations about the reach of federal governance. One side favors a government aggressive with taxation and r...

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