Pay skyrockets at oil and gas firms

ADVERTISEMENT
Oil-and-gas discoveries, such as North Dakota’s Bakken formation, likely play into the wage hikes. And technological advances have reduced the costs of extracting resources from those new plays.

The news comes as some prominent GOP politicians consider stripping the oil-and-gas industry of a handful of subsidies.

GOP presidential candidate Mitt Romney said in last week’s presidential debate that ending those tax breaks was on the table. House Energy and Commerce Committee Chairman Fred Upton (R-Mich.) said the same on Monday, with the caveat that green energy subsidies would need to go, too.

Both politicians also want to reduce the corporate tax rate, which would benefit oil-and-gas firms.

The oil-and-gas industry has fought to preserve the tax breaks, arguing the loss of them would disadvantage smaller, independent drillers while also deterring investment in new drilling.

The White House has centered most of its plans to raise $40 billion over 10 years from ending “Big Oil” subsidies by targeting the largest, most profitable firms.

The Obama administration, along with many Democrats, support a plan that would prevent five major integrated oil companies from claiming certain deductions on drilling costs. They also want to end those firms’ ability to use a handsome deduction for domestic manufacturing income, along with axing other incentives.

Senate Democrats put those provisions in a bill that failed by a 51-47 vote in March.

Republican Maine Sens. Susan CollinsSusan Margaret CollinsOvernight Health Care: 3.6M signed up for ObamaCare in first month | Ryan pledges 'entitlement reform' next year | Dems push for more money to fight opioids Study: ObamaCare bills backed by Collins would lower premiums Right scrambles GOP budget strategy MORE and the retiring Olympia Snowe were the only GOP members to vote for the bill, while retiring Democratic Sens. Ben Nelson (Neb.) and Jim Webb (Va.), along with Mary LandrieuMary LandrieuProject Veritas at risk of losing fundraising license in New York, AG warns You want to recall John McCain? Good luck, it will be impossible CNN producer on new O'Keefe video: Voters are 'stupid,' Trump is 'crazy' MORE (La.) and Mark BegichMark Peter BegichPerez creates advisory team for DNC transition The future of the Arctic 2016’s battle for the Senate: A shifting map MORE (Alaska), crossed the aisle to vote against it.