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Study: Cutting IDC, Sect. 199 breaks hurts gas more than oil

08/30/2010
By Nick Snow
Eliminating federal tax deductions for intangible drilling costs and for US oil and gas production expenses would hurt oil production growth and devastate future US natural gas development, a Wood Mackenzie study commissioned by the American Petroleum Institute concluded."The study illustrates a fundamental rule of economics: Tax something more, get less of it," API Pres. Jack N. Gerard said as the trade association released the study on Aug. 16. "But far more important than the lost production is the loss of thousands of jobs that would follow. Advocates of higher taxes should understand who would really be hurt."WoodMac said it used its upstream database of 230 plays...
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