Independent producers plan to present a resolution later thismonth to congressional lawmakers and others in the federalgovernment, asking them to support measures to lift the oil and gasindustry 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 it and Congress both are eyeing tax credits for marginal-wellproduction. The Independent Petroleum Association of America (IPAA)will present 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 spokeswomansaid IPAA also is pushing for a meeting between the producingleadership and top White House officials on the state of theindustry. “We haven’t got word on a date yet,” she said.

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