Crushing Oil Companies and Their Workers; Democrats Want to Double Down on Oil-Firm Income Taxes
Byline: William F. Shughart II, SPECIAL TO THE WASHINGTON TIMES
Shortly after the U.S. Energy Information Administration released a report estimating that President Obama's six-month moratorium on offshore drilling in waters deeper than 500 feet will cut domestic production by 30 million barrels during the coming year, Sen. Robert Menendez, New Jersey Democrat, announced legislation that promises to reduce oil and gas output even further, possibly delaying economic recovery.
Titled the Close Big Oil Tax Loopholes Act, the bill aims, among other provisions, to undo for one and only one industry, a U.S. Treasury rule, in place for more than a quarter-century, that …
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Publication information: Article title: Crushing Oil Companies and Their Workers; Democrats Want to Double Down on Oil-Firm Income Taxes. Contributors: Not available. Newspaper title: The Washington Times (Washington, DC). Publication date: July 28, 2010. Page number: B01. © 2009 The Washington Times LLC. COPYRIGHT 2010 Gale Group.
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