For the Oil Industry: A Perfect Storm….of Favors

oil industry

The holiday season just keeps on giving for the oil and gas industry:

December 25, 2017: Wall St. Journal reports that “Regulators in the Trump administration are proposing to roll back safety measures put in place after the 2010 Deepwater Horizon oil spill, a revision that would reduce the role of government in offshore oil production and return more responsibility to private companies.

January 5, 2018: Administration announces it will open nearly all U.S. coastlines to offshore oil and gas drilling, saying it will reduce U.S. dependence on foreign supplies and create jobs.
January 6, 2018: Washington Post reveals that Congressional Republicans allowed a tax on oil companies that generated hundreds of millions of dollars annually for federal oil-spill response efforts to expire this week. This on top of the bill slashing the corporate tax rate for all U.S. companies while preserving tax breaks specific to the oil and gas industry.

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