Oil Group Backs Tax Overhaul Instead of Ending Member Breaks

Bloomberg reports that the American Petroleum Institute supports an overhaul of the U.S. tax code instead of ending benefits for selected energy companies.

The market news is quoted as saying:

Increasing taxes paid by Exxon Mobil Corp. (XOM), Chevron Corp. (CVX), ConocoPhillips, Royal Dutch Shell Plc (RDSA) and BP Plc (BP/), as proposed by Democrats, would lower oil and natural gas output and raise costs for gasoline and electricity, the institute, the U.S. Chamber of Commerce, Americans for Tax Reform and the Small Business & Entrepreneurship Council said today at a Washington news conference.

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