Sen. Proposes Bill To Kill $50M Oil, Gas 'Subsidy'

Law360, New York (March 2, 2009, 12:00 AM EST) -- U.S. Sen. Ron Wyden, D-Ore., has proposed a bill to eliminate the controversial “ultra-deepwater” and unconventional oil and gas development program that was authorized by the Energy Policy Act of 2005.

Wyden introduced the Withdraw Energy Addicting New Subsidies Act of 2009, or S. 499, in the Senate on Thursday.

The Energy Policy Act of 2005 directed the secretary of energy to establish and oversee a program for “ultra-deepwater” and unconventional natural gas and other petroleum exploration and production — the Ultra-deepwater and Unconventional Natural Gas...
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