Excerpt from Domestic Oil and Gas Tax Proposals to Increase Production: Hearing Before the Subcommittee on Taxation of the Committee on Finance, United States Senate, One Hundred Third Congress, Second Session, March 14, 1994
Washington, DC. - Senator David L. Boren (D-OK), Chairman of the Committee on Finance Subcommittee on Taxation, announced today that the Subcommittee will hold a hearing on the state of the domestic oil and gas industry and tax proposals to increase domestic production.
The hearing is scheduled for 2:30 P.M. on Monday, March 14, 1994, and will be held in room SD-215 of the Dirksen Senate Office Building.
"Congress and the Administration need to take action to prevent the continuing deterioration of the domestic oil and natural gas producing industry," Senator Boren said in announcing the hearing. "The continuing collapse of the domestic industry is a threat to our national and economic security. This hearing will discuss possible solutions, and will hopefully call the crisis to the attention of the American people as well as policy makers. All Americans, consumers as well as producers, will be hurt if we continue to waste our scarce national energy resources through the premature plugging of oil and gas wells."
Opening Statement Of Hon. David L. Boren, A U.S. Senator From Oklahoma, Chairman Of The Subcommittee
Senator Boren. We will go ahead and proceed. We appreciate the attendance of so many witnesses today. Let me say, there are many others who expressed a desire to testify, and statements will be received from you in the record. And, if you wish to have an opportunity to do that, please talk to staff after the hearing.
Let me say, also, that Senator Baucus had intended to be here with us today. He has been very much involved in the planning of these hearings. He recently joined others of our colleagues in signing a letter to the President about the crisis in the domestic energy industry, and he regrets very much that he cannot come. He is very ill today, and that is the reason he could not be with us. I will insert into the record his full statement at this point.
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