Independent producers plan to present a resolution later thismonth to congressional lawmakers and others in the federalgovernment seeking their support for measures to lift the oil andgas industry from its currently depressed state.

The resolution, which has been signed by “thousands” ofproducers, calls on the federal government to support: 1) fillingthe Strategic Petroleum Reserve (SPR) with crude oil purchased fromdomestic producers; 2) reduction of tax penalties on marginal wellsand new investment; 3) establishment of a low-cost disaster loanprogram for producers; 4) investigation of allegations of impropertrade 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-wellproduction.

The Independent Petroleum Association of America (IPAA) willpresent the resolution to congressional lawmakers at a pressconference scheduled for March 18th on Capitol Hill. EnergySecretary Bill Richardson also has been invited to attend. Theresolution was developed at an Oil Price Crisis Summit in Decemberhosted by Oklahoma Gov. Frank Keating.

Separately, a spokeswoman said IPAA also is pushing for ameeting between the producing leadership and top White Houseofficials on the state of the industry. “We haven’t got word on adate yet,” she said.

Susan Parker

©Copyright 1999 Intelligence Press, Inc. All rightsreserved. The preceding news report may not be republished orredistributed in whole or in part without prior written consent ofIntelligence Press, Inc.