From the Document: "The tax code contains a number of provisions that benefit the oil and gas sector. Some contend that these provisions should be eliminated, arguing that using energy derived from oil and gas resources is inconsistent with environmental objectives. Others view these provisions as helping a sector that is vital to the U.S. and world economy. Certain provisions are designed such that they only become available when oil prices are low, providing relief when market conditions are less favorable. This In Focus (1) describes tax preferences for oil and gas; (2) provides information on foregone revenue associated with these tax preferences('tax expenditures'); and (3) discusses broader tax policy issues of importance to the oil and gas sector."
CRS In Focus, IF11528
Congressional Research Service: https://crsreports.congress.gov/