Rendell Says 'No' To Extraction Tax
Despite the state's budget problems, Governor Ed Rendell says he will not push for the proposed five percent tax on the extraction of natural gas in Pennsylvania.
He says after meeting with representatives from the drilling industry, he agrees imposing the levy this year would hinder production and profits.
Stephen Rhoads, president of the Pennsylvania Oil and Gas Association, says he's surprised but happy about the news.
Some people had estimated the tax could have generated around 100 million dollars this fiscal year.
He says after meeting with representatives from the drilling industry, he agrees imposing the levy this year would hinder production and profits.
Stephen Rhoads, president of the Pennsylvania Oil and Gas Association, says he's surprised but happy about the news.
Some people had estimated the tax could have generated around 100 million dollars this fiscal year.
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