Bill to give companies millions to drill deep wells

OKLAHOMA CITY (AP) -- The state Senate Wednesday approved a bill to give energy companies a multimillion-dollar tax break for drilling deep natural gas wells.<br/><br/>Senators voted 34-to-14 for the bill

Wednesday, May 25th 2005, 6:31 am

By: News On 6

OKLAHOMA CITY (AP) -- The state Senate Wednesday approved a bill to give energy companies a multimillion-dollar tax break for drilling deep natural gas wells.

Senators voted 34-to-14 for the bill despite emotional argument that the tax break isn't needed because of big profits energy companies are getting as a result of high oil and gas prices.

Senators Cal Hobos and Tom Adelson say the state will lose $25-million in taxes. The also questioned the priorities of lawmakers voting for the bill while a bill to provide health care for the poor is being blocked in the House.

But supporters like Senator Richard Lerblance say if companies aren't drilling deep wells in Oklahoma the state won't get the tax money anyway.

The bill now goes to Governor Brad Henry and supporters say they believe he'll sign it.