By now, it’s no secret that the sweeping tax reform package approved by Congress last week includes a bunch of provisions that help the oil and gas industry. As the Washington Post reported, cutting the corporate income tax rate alone will likely add $1 billion to the profits of U.S. oil and gas exploration and production firms. Oil refining companies stand to do even better, according to one analyst who estimated that those companies’ earnings per share will increase by an average of 23 percent. The tax bill also opens up the Arctic National Wildlife Refuge in Alaska, the largest wildlife refuge in America, to drilling.
But there’s also something to be said about what the tax bill didn’t change: the