Mere Suggestion of Oil Tax Change Hurt Industry, Nation / Governors White, Nigh Contend

By Jack Keever, Ap | THE JOURNAL RECORD, June 28, 1985 | Go to article overview

Mere Suggestion of Oil Tax Change Hurt Industry, Nation / Governors White, Nigh Contend


Jack Keever, Ap, THE JOURNAL RECORD


Texas and George Nigh of Oklahoma said Thursday just the suggestion that tax incentives for the oil and gas industry might be withdrawn hurt the industry, and the nation.

""What this uncertainty in the tax impact has already done in Texas," said White, "is to decrease the utilization of drilling rigs by 33 percent during the first six months (of 1985) and decrease by 33,000 the number of industry-related jobs in this state.''

""The treasury (department) proposal," Nigh said, "in itself ... damaged the industry - just the fear, waiting for the other shoe to drop - created problems within the industry, within the economicdevelopment of our state, within the national security of our country.''

White and Nigh were co-hosts for the 50th anniversary meeting of the Interstate Oil Compact Commission. The IOCC has 36 member states, and 25 answered the roll at the main session Thursday.

The governors' messages were similar - the industry needs tax incentives to explore for oil and gas so the United States can reduce its dependence on petroleum imports.

""Isn't it obvious that this nation simply cannot run without adequate supplies of oil and gas, that America couldn't even get up and go to work in the morning without it?'' said White. ""Isn't it obvious that any reduction of the industry's momentum wouuld be a severe setback to the entire nation?''

""We must emphasize that our Defense Department operates with primary energy resources,'' White said.

""We have spent literally hundreds of billions of dollars, and I think people throughout this country and particularly in Texas recognize the need to build a strong national defense, and yet I willsuggest to you that the treatment given to the oil and gas industry by this current administration's tax proposals would suggest to you that there are alternative fuel sources for the operation of aB-1 bomber and an M-1 tank. …

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