oil and gasoline

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The Oklahoma Legislature passed a bill making tax incentives for oil and gas production permanent.

Governor Mary Fallin is expected to sign the controversial legislation, despite threats of a constitutional challenge posed by an Oklahoma City attorney.

OU

Energy production tax breaks will cost Oklahoma $307 million in 2014, and $304 million in 2015.  This year state leaders expect $170 million budget shortfall.  In other words, the expected budget shortfall is about half what the state gives away in tax breaks to oil and gas companies reported Matt Trotter for Public Radio Tulsa.  

Indiana Public Media

It doesn’t make sense, does it?  Domestic oil and gas production is booming, and yet prices are still pretty high.  Dr. Tec Patzek, Chairman of the Department of Petroleum and Geosystems Engineering at the University of Texas at Austin, said there are many reasons in an article by State Impact Texas.   

Hydraulic fracturing and horizontal drilling allows drillers to retrieve oil and gas from places that were previously inaccessible. There are comparisons likening current conditions to the days of wildcatters. In the midst of drought, oil is once again having significant economic impact in Colorado, Kansas, Oklahoma and Texas, but it's not a risk-free. A Texas man's legal battle with an oil producer brings another issue to light... abandoned oil wells. Who will clean up the mess after the party is over?