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NSWA supports bipartisan ‘Energy Supply and Distribution Act of 2015’

Today, the National Stripper Well Association (NSWA) continues a push to allow all domestic energy producers, stripper well producers included, greater access to the world market by allowing U.S. crude oil exports. NSWA is calling for more support of the bipartisan bill, “Energy Supply and Distribution Act of 2015,” introduced by Senators Lisa Murkowski (R-AK), Heidi Heitkamp (D-ND) and 11 others.

The “Energy Supply and Distribution Act of 2015” will open American exports of crude oil allowing domestic energy producers to compete on an international level, provide greater options to America’s allies, and strike a blow against nations who fund terrorism around the world, said NSWA Chairman and stripper well producer Mike Cantrell.

“This legislation will allow our domestic energy producers to compete with those state-owned corporations on the international market. When America competes on the world market, Americans win. The energy industry is no exception,” Cantrell said. More

 
NSWA Releases Percentage Depletion Study

NSWA Releases Percentage Depletion Study

IHS Report: Removal of the percentage depletion tax provision has unintended consequences for U.S. economy, small energy producers and royalty owners

National Stripper Well Association Chairman Mike Cantrell said removing the percentage depletion deduction from the tax code would have unintended consequences for the nation’s economy by harming domestic energy small businesses and royalty owners.

Eliminating the percentage depletion tax provision for U.S. oil and gas producers would cut into economic growth, cost jobs and labor income, and cost the federal government a net $2.5 billion in tax revenue by 2025, and another $1.1 billion in royalty revenue from oil and gas produced on federal land, according to an economic impact assessment released today by the National Stripper Well Association (NSWA). The assessment was produced for NSWA by IHS, a leading global source of critical information and insight.

Percentage depletion is a tax provision used by oil and natural gas producers that allows them to recoup some of the costs involved in exploring for and developing fossil fuel sources.

Over the next decade (2015-2025), the economic impact of eliminating the percentage depletion deduction from the tax code would cost the United States economy $184.5 billion in gross value-added, an average of 178,000 jobs per year and $115 billion in earned labor income, the report said. More