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Repeal of oil depletion allowance eyed by Congress
Washington debate centers on ending the depletion tax break for major oil producers. Supporters say repeal could add about 1.7 billion annually to federal revenue and raise gasoline costs, while opponents warn the price impact would be minimal. A modified allowance may persist for independent producers to spur ongoing exploration.
MENTIONED IN THIS ARTICLE
Washington
Federal Treasury
Congress
Ford
Bill Archer
R-Tex
Archer
Green