Watching Government: The oil spill bill

As US Senate Majority Leader Harry M. Reid (D-Nev.) prepared to unveil oil spill liability legislation, an alliance of Midcontinent producers and national associations representing royalty owners and stripper-well operators warned that the measure could be funded by repealing significant tax incentives.Repealing exemptions for intangible drilling costs and the percentage depletion allowance would cut domestic production by 30% and irreparably harm US independents, said Mike Cantrell, president of the Domestic Energy Producers Association (DEPA) in Oklahoma City.The group, which includes oil and gas associations from Texas, Oklahoma, and Kansas as well as the National Stripper Well Associa...

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