The oil and gas industry spent more $168 million lobbying Capitol Hill last year on climate change, taxes and other issues — up from roughly $133 million in 2008. According to a ranking by the nonpartisan Center for Responsive Politics, the oil and gas industry’s reported lobbying expenditures last year put it behind only the pharmaceutical sector and general big business groups in spending to influence lawmakers In 2009. Here are spending figures for a sampling of companies and trade groups.
Full Story: Key energy players pump up volume in tax protests - Houston Chronicle
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Intangible drilling costs deduction: Companies can now deduct intangible drilling costs, such as repairs, site preparation and hauling supplies. Eliminating would save: $1.2 billion in fiscal 2011, $7.8 billion from 2011 to 2020. Percentage depletion: Mineral rights owners currently can deduct a percentage depletion for the value of oil, gas and other minerals removed from their property. Natural gas industry argues the incentive is critical for small, barely economic wells. Eliminating would save: $522 million in fiscal 2011, $10 billion from fiscal 2011 to 2020.Full Story: Key energy players pump up volume in tax protests - Houston Chronicle
