The budget compromise fashioned quietly by politically opposed House and Senate leaders could have meant trouble for the US oil and gas industry.
One of the compromisers, Senate Budget Committee Chairman Patty Murray (D-Wash.), boasts on her web site about having "consistently voted to repeal taxpayer-funded subsidies for the oil and gas industry."
Yet the 2-year deal she reached with House Budget Committee Chairman Paul Ryan (R-Wisc.) leaves intact important adaptations of taxation, which are not subsidies, to the economic oddities of mineral extraction.
Conservatives complain about the agreement's easing of automatic spending cuts resulting from past failures by Congress to ap...