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Congress' Latest Attack on Percentage Depletion

by Tim Charters, NSWA Vice President of Governmental Affairs

June 27, 2016

On Friday, the Republican Speaker of the House Paul Ryan (R-WI) and Ways and Means Committee Chairman Kevin Brady (R-TX) rolled out the Republican Better Way Tax Reform Blueprint. This blueprint is not a legislative package, but instead an overarching blueprint describing the broad agenda which they would hope Congress would consider next year once the new President and Congress are seated.

While the proposal is broad, it also is fairly complicated on how it would impact the producers and operators of the National Stripper Well Association. First, the tax proposal directly appears to plan to eliminate percentage depletion.

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New EPA methane rules combined with low oil prices signal disaster for stripper well producers

FOR IMMEDIATE RELEASE

May 12, 2016


National Stripper Well Association Chairwoman Darlene Wallace said the new rules, on top of historically low oil prices will cripple stripper and marginal well owners and operators.

OKLAHOMA CITY – Today the Obama Administration’s Environmental Protection Agency (EPA) released the first Clean Air Act regulations that directly limit methane emissions from domestic oil and gas operations. The National Stripper Well Association (NSWA) fought for an exemption of small producers from the effects of these rules, but today the exemption for low-producing wells was eliminated.

“These new rules will cripple stripper and marginal well owners and operators, and on top of historically low oil prices, we are looking at total disaster,” said NSWA Chairwoman Darlene Wallace. “By requiring the addition of new costly equipment requirements and expensive leak detection the economics within the oil and gas industry as a whole will be fundamentally changed, severely and forever.”

Wallace said, the President has already committed the United States to be “fossil fuel-free” by 2100 and the overwhelming goal is to drive the nation in that direction. However, during this time of record low prices, the President's focus on pushing more expensive and costly regulation will continue to harm jobs and our economy.

The methane rules imposed on the oil and gas sector are designed to provide the President support and backing for a significant U.S. commitment to fighting world climate change, Wallace said.

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