Democrats Seek To Close Loophole For Energy Cos.

Law360, New York (January 12, 2007, 12:00 AM EST) -- U.S. House Democrats are planning to put more pressure on oil and natural gas companies to foot the bill for new drilling fees in a move that would rake in as much as $13 billion for the federal government.

Tired of the country’s reliance on imported oil, Democrats said their legislative proposal would channel those funds toward programs for renewable energy sources.

But oil industry officials contend that the plan would backfire and increase the company’s dependence on imported oil by taking away crucial drilling incentives....
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