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Issues Impacting the Oil and Gas Industry
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Ten Essential Principles for Sound Energy Policy
Energy policy in the United States for today and tomorrow involves much more than providing safe, reliable and affordable energy to consumers. The energy policy of the future must take into consideration global terrorism, foreign policy, national security, environmental concerns, the fear that climate change will cause catastrophic consequences, and worldwide economic considerations.
Cap and Trade Summary
The global warming scare has politicians around the world looking for a method to reduce greenhouse gases (GHG), primarily carbon dioxide created by the burning of fossil fuels. In Washington, some believe that the creation of a cap-and-trade system will efficiently reduce GHG emissions. The concept sets limits (cap) on emissions and allows people to buy, sell, borrow or trade the made-up credits. In theory, it reduces GHG emissions while raising funds from polluter to pay for funding of research and development for clean energy. It sounds too good to be true, because it is
Comparison Of Tax Provision For Majors and Independents
Key points to remember: Independents raise capital from U.S. sources – most of it personal – while majority of majors’ income comes from foreign sources.
Economic Impact of 2010 Federal Budget Proposals On Oil & Gas Extraction Industry
In addition to losing 30% of its workforce and an estimated $210 million in production taxes, the state and local governments will lose significant tax payments in the form of sales taxes and other taxes and fees. The total negative economic impact to the State of Kansas alone would be about $3.9 billion over the next four years.
Obama Tax Proposal Summary
On February 1, 2010, the Obama administration released its proposed Fiscal 2011 Federal Budget. In this budget it proposed eliminating what it called “Oil and Gas Company Preferences” which would raise over $36.5 billion of revenue over the ensuing ten years. The changes would fall most heavily on the independent oil and natural gas producing sector.
Federal Initiatives Assault Oil And Gas
Over the past year, the oil and gas industry has experienced a roller coaster ride with oil and gas prices. However, our industry is facing more complicated issues than price shifts alone. Our biggest challenges now are coming from the federal level.
Summary Of Oil & Gas Tax Provisions In Proposed 2011 Budget
The repeal of current oil and gas tax provisions will have an estimated $3.9 billion negative impact on the Kansas economy within four years of enactment. The tax provisions are important to small, independent oil and gas producers and royalty owners – NOT “Big Oil.” Independents produce 92% of the oil and 63% of the natural gas in Kansas in 2008.
President Obama Tax Proposals are Bad for Workers and the Economy
President Obama’s fiscal 2011 budget proposal calls for $36.5 billion in new taxes on the oil and natural gas industry.
Letter from Kansas Congresswoman Lynn Jenkins to President Obama Concerning Oil & Gas Tax Provisions
Letter sent by Kansas 2nd District Congresswoman Lynn Jenkins to President Obama on February 17, 2010 concerning the oil and gas tax provisions of the Administrations FY 2011 budget request.
KIOGA Letter of February 18, 2010 to President Obama
Letter from KIOGA President Edward Cross to President Obama expressing KIOGA's concerns regarding oil & gas tax provisions of the Administration's FY 2011 budget request.