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House Reviews Stripper Wells

KWGS News

The Oklahoma House has voted to cap a tax incentive for oil and natural gas wells.

The House voted 93-2 for the measure Thursday and sent it to the Senate. The measure caps a tax credit for so-called "at-risk" wells that produce little profit.

Republican House Speaker Jeff Hickman says it caps the credit at $12.5 million and requires oil wells produce 10 barrels a day or less to qualify.