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Time for payback for public subsidy of petroleum industry
Dev George
Managing Editor
Next year it will have been 100 years since the first public subsidy of the US petroleum industry was enacted in the form of the oil depletion allowance part of the original income tax law of 1913. Since then, the public subsidizing of oil and gas companies has been virtually sacrosanct and, as a consequence, the accumulated tax breaks have amounted to approximately US$40 billion and become enshrined as an untouchable right by the industry in essentially every aspect of oil exploration...Continue
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Prices end mixed in trade limited to ICE
(2/20/2012) The New York Mercantile Exchange (Nymex) was closed today for the US Presidents Day holiday, thus only settlements at the InterContinental Exchange (ICE) in London were reported, leaving those traded among our monitored benchmarks mixed by the bell. Expectations were that European Union finance ministers and the Greek government were on the verge of an agreement to terms for bailout funds to prevent Greece from becoming insolvent...Go to latest O&G prices/analysis
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