US producers win long-sought relief for marginal wells

10/25/2004
Congress can act constructively on energy and doesn't need omnibus legislation to do it.It demonstrated this ability recently by passing tax relief oil and gas producers have sought for many years.Congress first extended through 2005 its suspension of the net-income limitation on percentage depletion for marginal wells—those that produce no more than 15 b/d of oil or 60 Mcfd of gas or that produce heavy oil.It then passed a tax credit for marginal wells effective when oil and gas prices are low.The measures won't cost the Treasury much and will keep barely economic wells on production in times of price distress.Both were part of comprehensive energy legislation, which seems ...
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