MIA: Oil and Gas Tax Breaks
Tax breaks for vacation homes, wealthy estates and at least 10 other tax policies are listed on a memo drafted by Democratic members of the Budget Conference Committee as examples of "egregious tax loopholes" they may push to repeal.
Conspicuously absent from that list are tax breaks for the oil and natural gas industry, despite the fact that congressional Democrats and President Obama have repeatedly singled out this industry and targeted its tax breaks in a host of budget proposals and legislation.
While it's not clear why the industry was left off the list, something else is crystal clear: Almost every company and trade group in this sector, including the most powerful, the American Petroleum Institute, has made preserving their industry's tax policies their first, second and third priority in Washington.
Don't underestimate the power of deep-pocketed lobbying.
TOP ENERGY NEWS
By Clare Foran (@ckmarie)
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