A Treasury Department official recently said at a Senate subcommittee hearing that the U.S. government is considering reversing tax incentives for numerous industries -- a possible attempt to justify a similar proposal for the oil and natural gas sector. Repealing the tax breaks is aimed at stemming overproduction of U.S. oil and gas resources, according to statements from the Obama administration. American Petroleum Institute President Jack Gerard said the group is "deeply troubled" by the plan and wants a "serious dialogue" on the proposal as well as on ways to boost output.

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