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A rule dating from 1926 that establishes how oil companies can depreciate the value of their wells allows drillers to deduct 15% of the well's revenue from its taxable income per year. This is instead of a more traditional depreciation scheme in which the cost of the well is depreciated over the well's life.
GOP blocks Obama’s effort to end tax breaks for Big Oil
Senate Democrats followed by forcing a vote to end tax cuts for the five largest oil companies, which Republicans resoundingly defeated.