Those proposals are very onerous to the small producers, royalty owners (the land owner down the road from you and me) and shareholders of many drilling and production corporations.
Many of those deductions are pass through deductions to individuals, the ones that aren't will be passed through in higher energy costs. This looks like the end of any new drilling
on land for the marginal oil and gas wells, probably 85%
of wells drilled recently in the US are considered marginal or enhanced.
I don't see it affecting offshore wells too much except through the higher costs of the excise taxes and $4/acre fee on Gulf leases designated as non-producing. These higher costs will be passed through to the consumer of course. We knew that was coming.
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