Each year the Obama administration says oil industry tax breaks total about $4 billion, and each year the administrations tries to take them away.
The industry doesn't see the tax breaks as specific to them, as many of the loopholes are available to other businesses as well. So far, enough Congressmen have agreed with the industry, and the tax breaks persist.
It's thought that a second Obama administration would once again try to repeal the breaks, and once again fail. Romney isn't expected to even propose taking them away.
There's one major caveat: tax reform.
"No matter which candidate wins in November we think corporate tax changes are a bipartisan risk for the industry," said Whitney Stanco at Guggenheim Securities' Washington Research Group. "Between the looming fiscal cliff and the congressional efforts underway to push comprehensive tax reform, the oil and gas industry could get caught in the crosshairs."
