Tax Breaks Could Save U.S. Oil Industry Billions

By Irina Slav A tax reform proposed by the Trump administration could free up to $10 billion annually for the U.S. oil industry and maybe encourage more investments in additional production. Leaving aside the chances of this reform turning into actual legislation in its current version, these savings may not be good news for the industry. The proposal sees a cut in top-tier corporate tax from the current 35 percent to between 15 and 20 percent. Since oil and gas are among the most heavily taxed industries in the U.S, Bloomberg notes, the annual savings could…

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