Breitling Oil and Gas Morning Podcast #217 1-3-13

The ongoing debate in Washington over the possible repeal of what news media outlets commonly refer to as “subsidies” to the oil and gas industry has been an ongoing source of amusement and consternation to those who work in the industry for four years now.  It’s somewhat amusing given the reality that, as Harold Hamm told a recent congressional hearing, the oil and natural gas industry does not actually receive any tax “subsidies” from the federal government, but frustrating because pretty much no one in the news media ever reports on the subject accurately.

The truth is that the oil and gas industry receives the same kinds of tax treatments that every other manufacturing or extractive industry receives in the federal tax code.  There is nothing uncommon or out of the mainstream of tax treatments about any of the provisions that have been repeatedly proposed for repeal.

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