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NSWA submits statement in support of U.S. energy producers, consumers and allies to SENRC for export policy hearing

The National Stripper Well Association (NSWA) is continuing to engage lawmakers in support of exports by submitting a statement for the record to the Senate Energy and Natural Resources Committee in advance of a hearing on U.S. crude oil export policy.

NSWA’s comments focused primarily on the importance of the ability for the smallest U.S. producers to compete in world markets. NSWA made sure the SENRC was aware of stripper well producers, like many in America’s oil and gas industry, who have for decades been in an economic struggle with international forces primarily concerned with controlling the price of oil on global markets. The statement said, “Much of the internationally traded oil of the world is controlled by a combination of foreign governments and state-run corporations who collude together to control the price of oil to benefit their own agendas, with no regard for the impact on the American people or businesses.”

NSWA’s statement continued, in part, by saying, “Many stripper well operators and companies are making massive new investments into driving this new era of abundance the same global forces that have driven world oil prices for the last 40 years are once again colluding together to stifle our energy development. And the U.S. ban on crude oil exports is hurting our ability to finance, invest in, and advance our energy production.” Full Story

 
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