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Sen. Jim Inhofe praises bipartisan opposition to removing energy tax credits and deductions

Oklahoma senator says BP oil spill shouldn't be used against industry

BY CHRIS CASTEEL Modified: June 17, 2010 at 6:24 am •  Published: June 17, 2010
WASHINGTON — A strong Senate vote against raising taxes on the oil and gas industry was a bipartisan message that lawmakers don't want to punish all companies for the BP oil spill, Sen. Jim Inhofe said Wednesday.

Inhofe, R-Tulsa, made the comment a day after he led the fight against a proposal to eliminate some of the tax credits and deductions available to exploration companies. The proposal was made by Sen. Bernard Sanders, a Vermont independent, as an amendment to a hodgepodge of a bill that would extend some current tax breaks as well as unemployment benefits.

Sanders' amendment would have repealed the tax credits that allow exploration companies to write off some of their expenses and depreciation. The proposal, which mirrors one made by President Barack Obama the last two years, would also have excluded energy exploration companies from the deduction available to U.S. manufacturers.

Sanders' proposal was defeated by a vote of 61 to 35 on Tuesday, as Democrats from all over the country joined Republicans in opposition.

"With the vote on the Sanders amendment, the Senate has clearly spoken with a strong bipartisan message that the entire oil and gas industry as a whole — especially small independent producers like many of those in Oklahoma — should not be penalized for BP's catastrophe in the Gulf,” Inhofe said Wednesday.

"The Senate understands the value of our nation's domestic energy producers, the needs they meet, the jobs they create, the fact that they fund many state and local initiatives and the payments they make to landowners.”

Mike McDonald, chairman of the Oklahoma Independent Petroleum Association, said the proposed tax policy changes "would have crippled independent crude oil and natural gas producers, killed hundreds of thousands of good paying U.S.


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