Dibona: Tax Bill to Adversely Impact Petroleum Industry

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committee will have an adverse impact on all capital-intensive industries, particularly the petroleum industry, according to Charles J. DiBona, president of the American Petroleum Institute.

"The petroleum industry is suffering unprecedented economic problems that are impacting heavily on future domestic energy supply," he said. "If enacted into law, the conference report would cost the petroleum industry a minimum of some $10 billion - part coming from energy-specific tax cahnges and part from the bill's impact on business generally.

"Specifically," he continued, "we are concerned over the treatment of intangible drilling costs and changes in depreciation …