AMARILLO, TEXAS -- Oil and gas production are key elements of the Panhandle economy, and one suggestion in President Obama's budget caught the ear of those producers.
The President's budget aims to repeal tax incentives and research funding for domestic oil and gas production.
To some lawmakers, the proposal is appealing right now as they look for new revenue to help offset record Federal deficits, but local oil producers feel all that could be bad for business.
PPROA Executive Vice President Wayne Hughes, "it really does nothing much more than make it more difficult for us to attract investors and for us to translate investors money into practical drilling opportunities."
Hughes also said the oil industry is vital here, and it will not begin to worry about the issue until any laws are about to be passed.
