The NYT is reporting that the President’s budget proposal will include a repeal of intangible drilling cost expensing and of the percentage depletion for oil and natural gas. That doesn’t sound like change the industry should believe in.
[Update: CBS News is reporting that the proposed budget – just released – will cost the industry $52.4 billion over the next 10 years as a result of these repeals. (Moved up).]
[Update: For more, see this press release from IPAA; or this article from the Salt Lake Tribune. (Moved up).]