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Gold/Mining/Energy : Harken Energy Corporation (HEC) -- Ignore unavailable to you. Want to Upgrade?

To: Rod Copeland who wrote (4274)	3/12/1999 8:29:00 AM
From: SgtPepper	Read Replies (1) \| Respond to of 5504

Rod, I'm sure you already know this, but maybe others don't. Oil industry should do well if Gov. Bush wins for president. I'm sure they think likewise. ____________________ March 11, 10:43 pm Eastern Time Texas oil tax cut signed by Gov. Bush AUSTIN, Texas, March 11 (Reuters) - Texas Gov. George W. Bush signed into law on Thursday a tax break for small oil producers hit by low oil prices. The tax waiver, an emergency measure that goes into immediate effect, was expected to save the oil industry as much as $45 million. ''These are tough times for the oil and gas industry and this legislation says our state is committed to helping this vital industry,'' Bush said upon signing the bill, which was sent to him as soon as it was approved on Thursday by the Texas House of Representatives. Under the new law, operators of wells producing 15 barrels a day or less will be exempt from the 4.6 percent severance tax -- if the price of West Texas Intermediate oil stays below $15 a barrel for three months. It is currently selling for around $14.25 a barrel. Approximately 138,000 wells will be affected by the tax break.