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Energy Tomorrow Blog

The Truth on Oil and Natural Gas 'Subsidies'

taxes  tax policy  cost recovery  intangible drilling costs  section 199  foreign tax credit  lifo 

Stephen Comstock

Stephen Comstock
Posted January 29, 2014

Contrary to what some in politics, the media and most recently, the president during the State of the Union, have said, the oil and natural gas industry currently receives not one taxpayer “subsidy,” “loophole” or deduction. Since its inception, the U.S. tax code has allowed corporate taxpayers the ability to recover costs. These cost-recovery mechanisms, also known in policy circles as “tax expenditures,” should in no way be confused with “subsidies” – direct government spending or “tax loopholes.”

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The President’s $90 Billion ‘Anti-Stimulus’ Energy Tax Hikes

access  fairness  energy taxes  lifo  section 199 

Stephen Comstock

Stephen Comstock
Posted April 11, 2013

Let’s dig into the details of the more than $90 billion (over 10 years) in new and targeted tax increases on America’s oil and natural gas companies that President Obama included in his FY2014 budget. Note: The tax provisions below are in no way “taxpayer subsidies” and are not unique to our industry. They constitute standard business deductions (some available to all other industries) and mechanisms of cost recovery – a fundamental and necessary component to a national income tax system. Here we go:

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Blogger Conference Call - ExxonMobil Earnings and Taxes

domestic energy  earnings  energy policy  energy taxes  exxonmobil  industry earnings  oil and natural gas industry  section 199  tax policy  taxes 

Jane Van Ryan

Jane Van Ryan
Posted May 10, 2011

API co-hosted a blogger conference call with ExxonMobil yesterday to discuss the company's first quarter earnings and energy tax policies. Ken Cohen, ExxonMobil's vice president of public and government affairs, and Jaime Spellings, ExxonMobil's general tax counsel, broke down the company's profits and spoke to misperceptions about the current tax code

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ETR 128 More Taxes Mean Less Revenue

domestic energy  dual capacity  energy policy  government revenue  intangible drilling costs  section 199  taxes  president obama 

Jane Van Ryan

Jane Van Ryan
Posted March 15, 2011

In today's episode, I interview Brian Johnson, API's senior tax policy advisor, about the potential impact of the administration's energy tax proposals on the economy, U.S. jobs, and government revenues. 

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Study: Tax Proposals Could Cut 150,000 Jobs

congress  domestic energy  dual capacity  energy legislation  energy policy  natural gas  section 199  senate  taxes  economic output 

Jane Van Ryan

Jane Van Ryan
Posted September 16, 2010

This week, the American Energy Alliance issued a new report quantifying the dire impacts of proposals aimed at hiking taxes on oil and natural gas companies. 

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