Editor's Note: Friday, May 25, 2012 -- 07:25 AM

E&E Daily will not publish Monday and Tuesday of next week. It returns Wednesday, May 30.

EDITION: Friday, February 3, 2012 -- 08:05 AM

1. OIL AND GAS:

Dems shy away from repealing subsidies to fund payroll tax cut

With bipartisan talks on payroll tax cuts set to turn next week to paying for the massive package, the long-running Democratic push to repeal oil and gas tax breaks could play a supporting role. President Obama's party is looking to a surtax on millionaires as its top pitch to offset the cost of a payroll tax and unemployment insurance (UI) deal expected to carry a $100-billion-plus price tag. Rolling back oil and gas tax benefits -- while it makes for a politically potent message during a month of sky-high earnings reports from the industry -- occupies a lower rung on Democrats' list. Go to story #1

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