I'll add this, too.  The "tax breaks" that often get discussed are also pretty complicated.  What the Democrats often fail to disclose is that the majority of tax breaks are for investment toward new production.  While on the surface, in the current economic climate, it looks like it makes sense to close tax loopholes, there is the question of what will be the result? 

Are we at a stage of alternate fuel development where the logical decline in new production would be helpful?  At this point, I'd say no.  Further, there are all kinds of tax breaks in other industries for R&D and exploration because these tax breaks are actually investments in the future of the country and they are employment generators. 

It wouldn't surprise me at all if we see fewer tax breaks for oil companies, but my point is that the politicians ought to tread lightly and really follow the strings of where the money goes.  While company profits are at an all-time high, re-investment percentages of those profits are at an all-time high too.  If we REALLY want to feel the effects of peak oil, try combining the coming years with less money available for exploration and production . . . and alternative energy research.