A battle is brewing over a potential corporate tax overhaul in 2013, and the prospect fills oil and gas lobbyist Lee Fuller with dread.
"As a whole, this industry really doesnâ€™t see an advantage to these proposals that would lower the corporate rates and eliminate deductions," said Fuller, the vice president for government relations at the Independent Petroleum Association of America.
Translation: the energy industry is going to cling for life to its tax breaks.
Repealing investment benefits -- including one that allows deducting the expenses of everything from roadwork to well repair -- will curtail investments that are lowering foreign oil imports and creating thousands of jobs, Fuller said. Critics -- including President Barack Obama -- say oil and gas companies can afford to give more.