Fiscal

Domestic oil and natural gas producers Thursday took a major hit in the program details of President Obama’s $3.4 trillion budget for fiscal year (FY) 2010, although it was less severe than what was originally proposed earlier this year.

Congress last Wednesday passed a conference report on the $3.5 trillion budget resolution for fiscal year (FY) 2010 that preserves President Obama’s priorities for green and clean energy. But it makes no assumptions that existing tax incentives for oil and natural gas producers will be repealed to pay for the green initiatives. Still, producers are by no means out of the woods.

The House Wednesday passed a conference report on the $3.5 trillion budget resolution for fiscal year (FY) 2010 that preserves President Obama’s priorities for green and clean energy. But it makes no assumptions that existing tax incentives for oil and natural gas producers should be repealed to pay for the green initiatives. Still, producers are by no means out of the woods.

Producers last Thursday called President Obama’s budget for fiscal year 2010 a “devastating blow,” saying it would raise taxes by more than an “astonishing” $30 billion over a 10-year period.

An independent producer group last week was cautiously optimistic as the House and Senate budget panels moved their budget blueprints for fiscal year (FY) 2010, saying it appeared that Congress “was not going to rush to judgment” on President Obama’s proposed $30 billion in tax hikes for oil and natural gas producers.

An independent producer group was encouraged as the budgetary process for fiscal year (FY) 2010 got under way in the House and Senate Wednesday, saying it appeared that Congress “was not going to rush to judgment” on President Obama’s proposed $30 billion in tax hikes for oil and natural gas producers.

The Louisiana Oil & Gas Association (LOGA) has called on a House lawmaker representing the state to “work to defeat or amend” President Obama’s fiscal year 2010 budget that proposes a $30 billion-plus tax hike on oil and natural gas producers.

The Louisiana Oil & Gas Association (LOGA) has called on a House lawmaker representing the state to “work to defeat or amend” President Obama’s fiscal year 2010 budget that proposes a $30 billion-plus tax hike on oil and natural gas producers.

Producers Thursday called President Obama’s budget for fiscal year 2010 a “devastating blow,” saying it would raise taxes by more than an “astonishing” $30 billion over a 10-year period.