The President’s budget highlights, released last week, took the ax to major subsidies to the oil and gas industry. Through the elimination of several tax breaks and royalty loopholes, the Administration tallied more than $30 billion in savings for U.S. taxpayers. The budget proposed repealing and adjusting oil and gas giveaways that included longstanding subsidies such as the passive loss exemption for oil and gas properties, and the percentage depletion allowance for oil and natural gas and the expensing of tangible drilling costs. Taxpayers for Common Sense has been advocating for the repeal of existing oil and gas subsidies and loopholes for more than a decade and look forward to seeing these cuts become a reality.