New Increased Severance Tax Proposal for Ohio Has Industry Support

By -
From The Columbus Dispatch:
House Republican leaders proposed an increase in the tax on oil and gas drilling in Ohio yesterday, months after rejecting a more robust proposal from Gov. John Kasich.
The bill includes an increase in the “severance” tax on drilling but at a lower rate than what Kasich proposed. Some of the increased tax is offset by a new commercial-activities tax exemption and income-tax credit for those paying the new tax. In all, Rep. Matt Huffman, R-Lima, the bill’s sponsor, said the bill is estimated to raise $1.7 billion over 10 years.
Kasich’s proposal, which he made as part of his two-year budget before legislative Republicans stripped it out, would have raised about $2.8 billion.
Read the whole article here.

And here is the statement from the Ohio Oil and Gas Association about the proposal:



Connect with us on Facebook and Twitter!

Popular posts from this blog

Fracktivist in Dimock Releases Carefully Edited Video, Refuses to Release the Rest

By -
Image
From Energy in Depth: There is something very strange going on along Carter Road, in Dimock, Pennsylvania, and I’m not speaking of natural gas, methane migration, contamination, litigation or even the extensive water testing there by the EPA and others.  No, I’m talking about a new “Watergate” conspiracy, complete with 18 minutes of missing tape (well, video, actually). It seems the ever-present Green Party member and  naturist   Vera Scroggins  (a/k/a  Vera Duerga ) has posted a video of Craig Sautner meeting with the EPA.  Mysteriously, the video is but 14 seconds in length, cutting off conversation in what is obviously mid-stream.  It raises a question Craig Sautner, like  Ronald Reagan in Kings Row , might have asked, “Where’s the rest of me?’  Carter Road, isn’t Kings Row, of course, (at least not until you arrive at  the mansion Scott Ely, one of the Dimock litigants, is building with his royalty money ), but there appears to be a whole lot of film editing going on there to fi
Read more

The Second Largest Oil and Gas Merger - Cabot and Cimarex

By -
Image
       Due to investor pressure, the U.S shale drillers are being pushed to improve financial and operational performance after a few years of poor returns. Even though the industry has improved its numbers, when compared to last year, investors still want more to be done for them to earn more money.      That's why two mid-tier shale drillers, Cabot and Climarex, have decided to merge in order to eliminate $100 million in annual costs, which means more money for the investors. This all-stock transaction is valued at about $7.4 billion, which is relatively high for the oil and gas sector.      The new entity will be renamed and the headquarters located in Houston, Texas. Cabot shareholders will own 49.5 percent of the new entity, and Climarex the rest.       The Cimarex-Cabot merger will address the investor's demand for a higher amount of returning cash. The initial plan is to pay a 50-cent-per-share special dividend on closing the deal while offering a quarterly variable div
Read more

Josh Fox Takes Another Approach to Attacking Oil & Gas Industry: They Don't Care About Worker Safety

By -
TRAILER for "CJ's LAW " A New Short Film on Worker Safety in the Gas Fields by Josh Fox from JFOX on Vimeo . Energy in Depth was quick to respond.  Here's a snippet of their article on the topic: Now, make no mistake: not a single death or a serious injury that happens at an industrial worksite is acceptable to anyone. But in rare cases, accidents and incidents do occur, even with the most stringent regulatory system in place anywhere in the world, and the combined investment of literally billions of dollars each year into new processes, systems and technologies designed and proven to make the workplace even safer. But Fox isn’t just saying that oil and gas companies don’t care about their employees, as scurrilous a charge as that may be. He’s also saying that the industry’s track-record on safety is bad, a contention echoed by a reporter at E&E News  in a piece filed  the week after Josh’s new video hit (and featuring the same interview subjects as Jos
Read more