Oil & gas sector stung by Obama budget proposals

The Obama administration has laid out budget proposals that, if enacted, could see a number of long-standing tax incentives and measures for US oil & gas companies repealed (see box). Industry experts have warned that, as well as adding to exploration and production costs, the plan could interfere with the administration's two main energy-related policies: clean energy and energy security.

"We can't tax our way to energy independence," says Barry Russell, president and chief executive officer of