These tax credits were established to ensure continued production when prices are low. Accordingly, there is a built in mechanism to phase out the credit when prices increase. Eliminating these credits would disregard the cyclical nature of oil prices and penalize marginal or tertiary production when prices are depressed and domestic production (as opposed to imports) is still needed. For more information, see
IPAA's Repeal EOR Credit and
IPAA's Marginal Well Credit.