4th Quarter, 2009
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4th Quarter, 2009 |
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Budget Aims to Repeal Tax Incentives for
By Duane Snyder, CPA, Tax PartnerOil & Gas Producers In an Earth Day speech earlier this year, President Obama discussed our nation’s dependence on foreign oil, and stressed the importance of alternative energy sources. While encouraging individuals and businesses to look more seriously at alternative energy sources, the president spoke of "deficit reduction." He suggests reducing the deficit in the alternative energy area and increasing taxes on the oil and gas industry by repealing a number of the tax incentives available to oil and gas companies. Read more >>> Hydraulic Fracturing Exemption at Risk
By Joe Blice, CPA, Audit PartnerA piece of legislation recently proposed by representative Diana DeGette of Colorado aims to remove hydraulic fracturing’s exemption from the Safe Drinking Water Act (SDWA). The bill would amend the SDWA to include the underground injection of fluids or propping agents pursuant to fracturing operations related to oil and gas activities. It also adds to the SDWA a requirement that any person undertaking hydraulic fracturing disclose to the state the chemical constituents used in the process. The bill also explains that the state shall make the disclosure of chemical constituents available to the public, including posting such information on an appropriate website. Read more >>> Additional Federal Developments
By Shuja Akram, CPA, Tax ManagerThe following is a look at additional federal items currently impacting the oil and gas industry, including oil and gas royalties, Bureau of Land Management violations, policy proposals, and inflation adjustments. Read more >>> Energy Industry Impacts State Economies
By William Mueldener, Tax PrincipalAn important aspect of the energy industry that may be forgotten by those proposing to eliminate historic tax benefits encouraging oil and gas development, is the number of jobs the industry supports. One recent study reveals that the industry contributes to the U.S. economy as both a purchaser of U.S. goods and services, and as an employer, supporting more than nine million jobs. The economic impact of the industry reaches every state and the District of Columbia, while supplying more than 60% of the nation’s total energy demands and more than 99% of the fuel used by U.S. motorists in cars and trucks. Additionally, it is anticipated that 900 of the next 1,000 U.S. electric power plants are projected to use natural gas. Read more >>> |
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Welcome to the latest edition of Energy Industry Insight, our quarterly newsletter dedicated to the oil and gas industry. We’ve made a big change around here, going electronic instead of the old paper format! This allows us to manage and update our articles online, keeping you in the loop and allowing you to refer back to past issues at any time. In addition to its navigational ease, we love that you can now read full bios on each author. We hope that while you’re already on our website, you’ll also check out our latest firm news and upcoming events. We’re excited about our changes, and we hope you like them too!