Obama's 2010 budget contains changes to the tax code that are targeted at domestic oil and gas companies. They are not beneficial to the industry. The net effect will be that oil companies will change the way they analyse a prospect and marginal wells will be cut from the program. Net result will be a decrease in domestic production, more reliance on foreign oil and a loss of good paying jobs. Of course, the Big "O" will tell you that production and jobs will be replaced with green energy - a technology that we have yet to develop because the economics of it can't compete with oil and gas. There will be no "bridge" or gradual movement from hydrocarbons to green energy. We will be forced into it by changing a few simple tax laws.
The public will not even know that these tax laws changed because they are buried deep in the 2010 budget. Go here for more details.
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