In its $3.55 trillion FY 2010 Budget Request, the Obama administration proposes to raise about $32 billion over 10 years from oil and gas companies. This includes a repeal of tax breaks for domestic production and new charges on oil and gas production in the Gulf of Mexico. The FY 2010 Obama budget request calls for about $13 billion over 10 years in new charges on oil and gas companies from the repeal of a tax deduction for domestic production. The Obama administration also proposed a new excise tax on oil and gas production in the Gulf of Mexico, which would raise about $5 billion over the next 10 years. The White House also has plans to charge user fees to oil companies for processing oil and gas drilling permits on federal lands to ensure that federal taxpayers receive their fair share. (WSJ, 2/26/09)
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