“Never let a serious crisis go to waste. What I mean by that is it’s an opportunity to do things you couldn’t do before.”

-Rahm Emanual

Chief of Staff, White House

Reiterations of White House Chief of Staff Rahm Emanuel’s statement have run across most every newspaper and online publication in America. It’s a good reminder about how politics can drive the agenda in Washington D.C.

On May 19th, IPAMS outlined an announcement made by Secretary of the Interior Ken Salazar about implementing guidance for onshore natural gas and oil policy. (After logging in, IPAMS Members can click here to view “Reading between the lines.”).  The Secretary took full advantage of the announcement to show how he’s being tough on industry in the wake of the Gulf of Mexico incident.

As the Deepwater Horizon accident continues to be used as ammunition against America’s energy producers, I’d like to highlight the latest legislative attack against industry.  Senator Bernard Sanders (I-VT) has introduced an amendment to tax extension legislation that would increase taxes on independent producers.  Among the specific provisions in the amendment are eliminating the expensing of intangible drilling and development costs and eliminating percentage depletion.

Senator Sanders justifies his amendment as penalizing “Big Oil” when in fact the amendment would overwhelmingly affect independent producers.  The amendment mirrors a similar energy tax increase proposed earlier this year by President Obama.

A vote could come as early as tomorrow, June 15th.

Urge your Senators now to oppose IDC and Percentage Depletion Repeal in the Senate.  Click here to join IPAMS and IPAA in opposing this misguided effort!