[Milton Miteybad]

The Montana Democrat offered a plan to bar companies from immediately writing off intangible drilling costs, block taxpayers from claiming a percentage depletion for oil and natural gas wells, and force U.S. firms to abandon using the “last in first out” accounting technique to value stockpiles.

Left unexplained is why a Democrat senator would be stupid enough to think that expenditures for intangible drilling costs should merit any other treatment than the current one. Also unclear is what business it may be of Congress what inventory valuation method might be used, so long as said method is in keeping with GAAP.