The oil industry has wanted to increase domestic production for some time, and the most recent quarter shows that they have done so. The American Petroleum Institute president, Jack Gerard, has said that increasing drilling in the United States, as opposed to increasing taxes above their 2011 taxes levels, will create more income for the country as a whole.
The Bedford Report did thorough research on the topic, covering multiple companies in the Oil and Gas industry, particularly one the biggest players in the industries, and has produced their full report on the companies on their website.
Profits have been good for the oil companies leading many, including President Barack Obama, to say that the tax subsidies the companies enjoy should come to an end. But reports are also saying that new sources of oil across the world are needed to fulfill demand. This leads those oil companies to the United States for new oil sources.
The largest of the companies, BP and Exxon, have reported lower rates of oil production from outside the United States. Part of this was due to manufacturing issues, though some of it was that foreign countries are increasing their own taxes, forcing the companies to extract less oil to stay highly profitable.
The Bedford Report produces quality, independent reports on the energy industries as a whole, and helps their investors make solid decisions on their investments and therefore is a trusted resource. Any publicity that their reports create are not compensated by the mentioned companies. Their sole compensation is through advertising through third party companies, and act as an independent source for quality research to help influence decision making.
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Taxes And Their Effect On Big Oil by Steve