Although Max Baucus has raised some eyebrows with his proposals regarding the oil industry’s tax breaks, his switch in position could have some serious benefits for the industry. “For more than two decades,” the president said, “Max Baucus has worked to deepen the relationship between the United States and China.”
President Obama has elected Baucus as ambassador to China which opens the possibility of replacing him with a strong ally for the oil industry in the Senate Finance Committee. The initial concern over Baucus’ position on a decrease in oil production deductions was that by decreasing/eliminating the breaks, financial hurdles would be presented to an industry that is only helping the U.S. economy.
“As an outspoken proponent of oil and gas production, Sen. Landrieu could provide a very different perspective as the nation rethinks its scarcity-based energy policy in age of adequacy, especially when it comes to energy exports,” said Kevin Book, managing director of Washington, D.C. analysis firm ClearView Energy.
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