Hamm: Ending Tax Breaks Would Reduce Bakken Activity 30%

Aaron Flint posted on March 31, 2014 13:27 :: 1953 Views

“Harold Hamm, the billionaire CEO of Continental Resources CLR -1.03%, may have done more to create the Great American Energy Boom than anyone else. And now he’s worried Washington could wreck it,” as Forbes.com reports.

Here’s more:

If Washington removes oil companies’ ability to write off intangible drilling costs—expenses spent on building oil infrastructure—oil activity in the Bakken could go down by as much as 30%, Hamm said at the Forbes Reinventing America conference Thursday morning.

A 30% drop is a daunting figure, especially coming from the biggest fracker in North America.

Meanwhile, from The Hill: Echoes of energy in Ryan budget

If last year’s budget is any indication, it’s safe to say Rep. Paul Ryan’s (R-Wis.) coming budget proposal for fiscal year 2015 will include a number of energy provisions.

Here’s one:

4. Tax reform

With production tax credits for wind energies and several renewables having expired at the end of last year, the new budget may include more cuts to incentives for renewable sources. Republicans don’t like that the administration is friendly with the renewable industry and what they claim are attempts to kill fossil-fuels.

Last year, Ryan called for a revenue-neutral tax reform and rejected calls by Obama to raise taxes on oil and gas producers. In his proposed budget for 2015, Obama seeks to end subsidies granted to top oil producers.

And, from the Minot, ND-based SayAnythingBlog.com, Rob Port shares a review of the latest anti-fracking documentary.

SayAnythingBlog.com: North Dakota Oil, Fracking Documentaries Long On Politics And Short On Facts

Earlier this week I wrote about a documentary about the oil boom in North Dakota that was being screened by a George Soros-backed left-wing group in Washington DC. A former North Dakotan and SAB reader who lives in DC went to the event and provided the insights below.

Here’s an excerpt from the review:

I biked over to the Center for American Progress (nice digs!) after work to catch the anti-fracking films you blogged about the other day. Not all that interesting: Environmental activists produce anti-energy video screeds to show to 120 other environmental activists. Fracking is bad, one and all agree. Free pizza!

Click link for full review.

Leave a Reply

Your email address will not be published. Required fields are marked *