Producers to Take Case to Capitol Hill, White House
Independent producers plan to present a resolution later this
month to congressional lawmakers and others in the federal
government seeking their support for measures to lift the oil and
gas industry from its currently depressed state.
The resolution, which has been signed by "thousands" of
producers, calls on the federal government to support: 1) filling
the Strategic Petroleum Reserve (SPR) with crude oil purchased from
domestic producers; 2) reduction of tax penalties on marginal wells
and new investment; 3) establishment of a low-cost disaster loan
program for producers; 4) investigation of allegations of improper
trade practices within domestic markets by foreign oil suppliers;
and 5) regulatory reform. DOE already has taken action on the SPR,
and both it and Congress are eyeing tax credits for marginal-well
The Independent Petroleum Association of America (IPAA) will
present the resolution to congressional lawmakers at a press
conference scheduled for March 18th on Capitol Hill. Energy
Secretary Bill Richardson also has been invited to attend. The
resolution was developed at an Oil Price Crisis Summit in December
hosted by Oklahoma Gov. Frank Keating.
Separately, a spokeswoman said IPAA also is pushing for a
meeting between the producing leadership and top White House
officials on the state of the industry. "We haven't got word on a
date yet," she said.
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