Removing Oil Company Tax Breaks Could Hurt Industry
By: Mycah Glover
Updated: February 4, 2011
MIDLAND -- During the State of the Union address last Wednesday, President Obama charted a plan for investing billions in clean energy. Obama also proposed a five-year freeze in overall federal spending and renewed his call for an end to tax breaks for oil companies.
Big 2 had a chance to speak with the Permian Basin Petroleum Association to get their thoughts on these proposals. According to vice president Ben Sheppard, these would devastate the local oil and gas industry. Sheppard says it would cause the supply of oil and natural gas to go down and the price to go up. It would also force a lot of wells to be plugged prematurely.
Big 2 had a chance to speak with the Permian Basin Petroleum Association to get their thoughts on these proposals. According to vice president Ben Sheppard, these would devastate the local oil and gas industry. Sheppard says it would cause the supply of oil and natural gas to go down and the price to go up. It would also force a lot of wells to be plugged prematurely.
