Oil, gas targeted for more taxes

02/02/2009
By NINA RACH
There are “ample signs” that the US states and federal government will take a bigger tax bite from both upstream and downstream oil and gas operations to cover pending financial shortfalls in 2009, warned analysts at Friedman, Billings, Ramsey & Co. Inc. (FBR) in Arlington, Va.“All over the world, cash-strapped governments looking for ways to shore up shortfalls look to petroleum industry cash flows as a potential source of operating funds. Generally speaking, resource-exporting countries (or US states) consider ‘windfall’ taxation of the upstream (because that’s where the money is), while net importers of crude and petroleum products look at the do...

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