Editorial: Surplus and incentives

09/03/2001
US producers of oil and gas face new resistance to tax measures that are long overdue. Shrinkage of the federal budget surplus makes Congress unlikely to change taxation in ways that would boost production.Producers should press the issue anyway. If Congress won't do the right thing on production, what it sacrifices to ephemeral fiscal calculation should at least be clear. There will be other opportunities. And who knows? Politics is full of surprises.One such surprise-a pleasant one for producers-is the energy legislation passed Aug. 2 by the House of Representatives. The biggest shocker is approval of limited leasing of the Arctic National Wildlife Refuge coastal plain. Less surpris...
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