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President Biden and congressional Democrats have attacked traditional energy, proposing to raise taxes by $145 billion on Made-in-America oil and gas, pipeline and refining firms—killing over 1 million jobs, raising fuel prices, and leaving America more dependent on foreign oil.
Repealing the deduction for ordinary drilling costs (IDCs)punishes companies for investing in new equipment and technology that makes U.S. energy more efficient and cleaner. This will eliminate 265,000 industry jobs and 2.5 times as many indirect jobs.
The percentage depletion deduction is the small business deduction for the smaller producers of oil and gas. Repealing it will cost 840,000 jobs over the decade and reduce royalty payments to millions of retirees who depend on Social Security.
Repealing the marginal well credit will also harm the smallest oil and gas producers and the communities where they operate—often in rural America.
Eliminating the enhanced oil recovery credit will curtail emissions-reducing activities like injecting CO2 into producing wells.
Repealing expensing for tertiary injectants would increase the cost of maintaining the output from older wells and reduce U.S. production.
Repealing accelerated deduction of geological and geophysical costs hurts companies who do advanced research to limit the environmental footprint of new projects.
Eliminating publicly traded partnership treatment (MLPs) will harm America’s ability to finance energy pipelines that bring products to U.S. refiners and back to consumers.
Increasing taxes on U.S.-based multinational oil and gas companies will advantage foreign companies over …