SOURCE: The Bedford Report

The Bedford Report

July 01, 2011 08:16 ET

Production Boost From Big Oil Has Potential to Offset Tax Hike

The Bedford Report Provides Stock Research on ExxonMobil & ConocoPhillips

NEW YORK, NY--(Marketwire - Jul 1, 2011) - During his most recent press conference, President Obama called for increased taxes on oil companies in order to reduce the US budget deficit. Naturally, big oil opposed such ideas, arguing that the fed should open up more domestic petroleum resources for development. The Bedford Report examines the outlook for companies in the Oil and Gas sector and provides equity research on ExxonMobil Corporation (NYSE: XOM) and ConocoPhillips (NYSE: COP). Access to the full company reports can be found at:

www.bedfordreport.com/XOM

www.bedfordreport.com/COP

Jack Gerard, president of the American Petroleum Institute argues that promoting more domestic drilling would generate jobs in the short run, and also more revenue for the federal government. President Obama, himself, has offered his support to measures that support domestic oil production. He also called for speedier evaluation of oil and natural-gas projects in the mid- and south-Atlantic region, and said his administration plans to lease new areas in the Gulf of Mexico.

Obama does not support continued tax incentives for the oil and gas industry, however. "When oil companies are making huge profits and you're struggling at the pump, and we're scouring the federal budget for spending we can afford to do without, these tax giveaways aren't right," Obama explained.

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Republicans argue that the removal of tax incentives would make oil companies less likely to pursue new projects which could lead to less supply and even higher oil prices. Republican Congressman James Lankford of Oklahoma believes that Americans are looking for leadership in combatting gas prices but that Obama "has only offered a tax increase on energy and the prospect of reduced supply."

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