Energy Policy Act of 2005

• 2006 KPMG's Energy Survey, compiled from responses of 538 oil and gas executives. The survey indicates that oil and gas executives are becoming increasingly concerned over the volatility of oil and gas commodity prices and declining reserves. The survey also reflects that these firms anticipate significantly boosting upstream capital spending in the year ahead. Attached is the survey news release issued on May 12, 2006.

The Energy Policy Act of 2005 contains numerous tax provisions intended to encourage energy conservation and efficiency, promote domestic fossil fuel security, and encourage the use of renewable resources, alternative motor vehicles, and alternative fuels. At an estimated cost of $11.5 billion over 10 years, the Act's tax title presents potentially significant opportunities for companies in the utilities, petroleum, and mining sectors.

• Current Power & Utilities Topics, Winter 2005, Issue 5
• Current Oil & Gas Topics, Winter 2005, Issue 5
• KPMG TaxWatch Recap: Energy Policy Act of 2005 -- Tax Implications and Planning for the Energy Sector