A friend in the oil and gas industry forwarded a letter from Gov. Henry to President Obama regarding proposals in the federal budget that would affect some of Oklahoma's independent producers.
Here is a different view.
I'm very proud that we finally have a president who has the political courage to take on a whole range of corporate tax breaks that make little sense.
Look at how fabulously wealthy these oil and gas companies have become, extracting God-given resources. They're lucky to live in a country where such resources are privatized via royalty holders and where, if the economics make sense, they can develop the resources.
As a result, the US has drilled many times more holes than any other countries. But that's not enough. Many also want incentives and unusual tax breaks. When I build a power plant, I'd love to have the Intangible Drilling Credit break that these companies have - even when gas was $4 a gallon! It's time to end these unfair, unequal, born-out-of-special-interest-contribution tax breaks.
You may have also heard the howling from the major corporations as the Obama administration moves to get rid of the off-shore tax havens. Guess what? I have some and I could not be more pleased that they may be eliminated. My view is that if other corporations are allowed to do it then I am not going to voluntarily pay more than my fair share. But it's a ridiculous policy and should be eliminated.
Opposition from Gov. Henry and Rep. Boren likely springs from a degree of political expediency of not wanting to counter key supporters. Understandable from a political viewpoint, but Obama is unlikely to listen.
We live in a big, beautiful country (that I believe is quickly getting better) with a kaleidoscope of opinions. Thanks for listening to mine.