"Oil producers are ramping up their lobbying efforts to ensure that Democrats don’t repeal a lucrative tax deduction in the $3.5 billion reconciliation bill.
The U.S. tax code allows companies to recover the cost of drilling for oil and gas and preparing oil wells for production, a provision that helps boost U.S. oil production but has drawn criticism from environmental groups and Democratic lawmakers.
Senate Finance Committee Chairman Ron Wyden (D-Ore.), who wields significant influence over tax changes in the reconciliation package, is considering removing the intangible drilling costs deduction in the final bill, according to a committee spokesperson."
Source: The Hill, 08/27/2021
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