October 7, 1992 CLINTON PROMISES TO RAISE TAXES ON INDEPENDENT OIL AND GAS PRODUCERS Clinton's promise to raise the Alternative Minimum Tax (AMT) will hit independent oil and gas producers. Bill Clinton's tax plan includes an AMT tax hike on sole proprietorships, partnerships, and S corporations -- many of our nation's independent oil and gas producers would be subject to the tax increase. President Bush has championed AMT tax relief for independent oil and gas producers. In the long term interest of a strong domestic exploration and production sector, President Bush has fought for AMT relief for independent oil and gas producers. President Bush's proposed action will reduce the tax burden on independent oil and gas producers by $1 billion. The President knows a healthy domestic oil and gas sector is critical to fuel economic growth in the 1990's. As usual, the devil is in the details of Clinton's tax plan. Clinton's proposed tax increase -- the largest in American history -- totals $150 billion and includes higher income tax rates, and hiking the AMT tax. Bottom Line: Clinton will raise taxes on independent oil and gas producers. # # #