FOR IMMEDIATE RELEASE
February 9, 2016
The President’s 2017 budget proposal, which calls for a new $10.25 per-barrel tax on domestic oil production as well as the elimination of all oil and gas industry tax provisions, is a total knock-out for America’s stripper well producers when combined with the crude oil price slump, said National Stripper Well Association Chairman Mike Cantrell.
OKLAHOMA CITY – The budget proposal released today by the White House introducing a new $10.25 per-barrel tax on oil, more than doubling current transportation taxes, and again calling for the repeal of all oil and natural gas industry tax provisions, came as no surprise to domestic oil and gas producers, said National Stripper Well Association (NSWA) Chairman Mike Cantrell.
“Once again, President Obama is offering up a budget that is a laundry list of handouts to special interests and attacks on hard-working Americans,” Cantrell said. “Knowing the President’s dislike for men and women in the oil industry, I have to say we expected this.”
However, when combined with the crude oil price slump, the Administration’s proposed new massive tax increases are a kick in the teeth to family owned and operated small businesses and the absolute worst-case scenario for marginal well oil and natural gas producers, Cantrell said. Full Story