Big oil, gas launch offensive to preserve tax incentives

The oil and gas industry’s biggest trade group is launching a new ad campaign aimed at dissuading lawmakers from cutting tax incentives cherished by the sector. The Houston Chronicle reports the TV commercials by the American Petroleum Institute will air in the nation’s capital as lawmakers inch closer to a broad debate over remaking the nation’s tax code and as the Obama administration readies a federal budget proposal expected to once again target industry tax breaks for elimination. Sen. Robert Menendez, D-N.J., just reintroduced legislation that would block the nation’s largest oil companies from claiming a suite of tax deductions. “We decided to run the ads to remind Congress that at a time when many families have had to scramble to balance their budgets, asking them to pay more for the energy they need to live their lives is bad policy and, frankly, bad politics,” says Marty Durbin, API’s executive vice president. API isn’t the only group joining the fray. The National Taxpayers Union on Wednesday launched a separate radio and print advertising campaign that also argues against raising taxes on the oil and gas industry. The full story can be found here.