The US tax code overhaul being pushed by House Republicans calls for eliminating a credit for producing oil and natural gas from marginal wells, but the industry group that originally lobbied for the creation of the credit about 13 years ago is not pushing to keep it place. “As sound of a philosophical structure as it has, it’s just not something that’s been active enough to have the necessity we thought it would have,” said Lee Fuller, vice president of government relations with the Independent Petroleum Association of America. The credit, which was enacted in 2004 after a campaign by IPAA, allows producers of marginal oil and gas wells to claim a maximum of $3/b or 50 cents/Mcf on a small portion of daily production if prices fall below $15/b or $1.67/Mcf, based on the average price from the previous year, according to IPAA. Marginal wells are defined as […]