Elephantine energy illusion

When elephants wrestle, mice get trampled. Independent producers in the US must know how the mice feel.For years, independents and their trade associations have pursued a reasonable set of tax reforms that would help them survive price distress and raise capital for drilling. The reforms range from current-year expensing of geological and geophysical costs to phased-in credits for small oil and gas wells when prices fall below perilous thresholds.These changes wouldn't represent huge giveaways by the government. In many cases, they'd affect only the timing of government receipts. Other measures would prolong the lives of old fields or encourage development of new ones, extending o...

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