Nov 7, 2012 8:28 PM by Steven Albritton
President Obama's win has leaders in the oil and gas industry concerned about the next four years. Don Briggs is President of the Louisiana Oil and Gas Association, or "LOGA," he sent a letter this morning to colleagues addressing his concerns.
"A lot of the concerns that we have are that he is still looking to do away with the oil and gas investment incentives that we have in the industry," Briggs said.
In the first debate, President Obama made his position on those incentives, very clear..
"Now, does anybody think that Exxon Mobil needs some extra money, when they're making money every time you go to the pump? Why wouldn't we want to eliminate that? Why wouldn't we eliminate tax breaks for corporate jets? My attitude is, if you got a corporate jet, you can probably afford to pay full freight, not get a special break for it," President Obama said.
But if those incentives are cut, Briggs says that could mean a 40 billion dollar loss for the industry.
"90% of all the wells drilled in the country are drilled by independent oil and gas producers, not the major ones. So these investment incentives are very, very critical to our industry," he said.
For his part, the President says it's money that can be used elsewhere to help stimulate the economy. On that point, National Ocean Industries Association President Randall Luthi offers a counter point.
"This industry just provides hundreds of thousands of jobs, and if you lose the ability to invest which higher taxes and regulations can do, the companies are left with basically one choice. You can either go out of business or you can move elsewhere."