"Oil producers are ramping up their lobbying efforts to ensure that Democrats don’t repeal a lucrative tax deduction in the $3.5 billion reconciliation bill.  

The U.S. tax code allows companies to recover the cost of drilling for oil and gas and preparing oil wells for production, a provision that helps boost U.S. oil production but has drawn criticism from environmental groups and Democratic lawmakers.

Senate Finance Committee Chairman Ron Wyden (D-Ore.), who wields significant influence over tax changes in the reconciliation package, is considering removing the intangible drilling costs deduction in the final bill, according to a committee spokesperson."

Karl Evers-Hillstrom reports for The Hill August 26, 2021. [2]