Bipartisan bill seeks to reinstate tax break Biden nixed for drilling oil wells

The measure would restore tax deductions for expenses that come with drilling new wells, expenses known as intangible drilling costs.

Reimplementing those deductions would mean the world’s largest oil and gas companies could write off billions of dollars in exploration costs, a move the industry argues would spur more production and lower energy prices. The measure is sponsored by Republican Rep. Mike Carey of Ohio and Democratic Rep. Vicente Gonzalez of Texas.

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