Breitling Oil and Gas Texas Morning Podcast #278

Another year, another budget blueprint from President Obama, another attempt to increase the taxes paid by the oil and gas industry.

After trying and failing for four consecutive years, the budget to be released this morning by the president includes what senior administration officials describe as “closing of unfair tax loopholes” including “tax loopholes for oil and gas companies.”

At the same time, they disclosed, the president is asking Congress to make permanent the temporary tax breaks for renewable energy, energy efficiency and research and development.

Texas Republicans say the Obama plan is a non-starter.

“This proposal, delivered more than two months late, is not serious and is not a reasonable way to govern,” said Republican Rep. Kenny Marchant.

And while the White House declined to provide specifics this week, officials didn’t deny that the energy tax treatments would mirror previous proposals.  Good luck Obama.

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