Congress hears industry woes, files bills

Testifying at the Senate energy committee hearing (left to right) were EIA Administrator Jay Hakes, Exxon Chairman Lee Raymond, John Lichtblau of the Petroleum Industry Research Foundation Inc., Rowan Cos. Chairman Bob Palmer, and North Dakota Gov. Edward Schafer. The U.S. Congress is beginning to react with legislation to help smaller producers survive the current crude oil price depression. Rep. Wes Watkins (D-Okla.) refiled his bill that would allow marginal production a maximum $3/bbl tax credit when oil prices fall below $14/bbl, or 50¢/Mcf if gas prices fall below $1.56/Mcf. The credit would have a 10-year carryback and apply against both regula...

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