Congresswoman Katie Porter took a fossil fuel industry executive to task for falsely suggesting during a House hearing on Tuesday that oil and gas companies don’t receive special treatment in the U.S. tax code, a claim that the California Democrat quickly refuted while also offering to eliminate the tax breaks.
Asked by Porter to explain how much of his company’s intangible drilling costs is tax deductible, Mark Murphy of Strata Production a New Mexico-based oil and gas exploration company responded that “we get to deduct all of those just like any other business.”
“There seems to be a misconception out there that you’re operating from that somehow the oil and gas industry benefits from some special sort of tax structure,” said Murphy, the president of Strata Production. “We don’t.”
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US to Launch Review of Future of Federal Oil Leasing Program Under Biden’s Order
President Joe Biden’s administration on Tuesday announced its upcoming review of the federal oil and gas program, per the president’s executive order.
The Interior Department said it would host a forum on March 25 that will feature industry representatives, labor and environmental justice organizations, natural resource advocates, and other experts.
“The federal oil and gas program is not serving the American public well. It’s time to take a close look at how to best manage our nation’s natural resources with current and future generations in mind,” Laura Daniel-Davis, principal deputy assistant secretary for land and minerals management, said in a statement.