The oil depletion allowance went into effect March 1, 1913. Closing this tax break would save $11 Billion over the next 10 years.
President Obama called for the elimination of the oil depletion allowance and several other big oil subsidies that would save $4 billion dollars a year.
Congress refused to cut oil industry subsidies and instead we are cutting air traffic controllers and national park funding.
The top 5 oil companies made $118 Billion dollars in profits at a time when consumers are paying record high prices for gasoline and heating oil.