	u s energy chief sees promise in oil tax change energy secretary john herrington said his proposed option to raise the oil depletion allowance to pct was probably the most economically promising way to spur domestic production the white house has said it would consider the option although it was generally opposed to any revisions in the new tax code herrington told a meeting of the mid continent oil and gas association that the higher depletion allowance on new oil and enhanced oil recovery would cost taxpayers about mln dlrs a year the option was one of many contained in a report on oil and the national security the energy department sent to the white house on tuesday herrington said of the increased depletion allowance option that is one that could significantly increase production at a very low cost to the american taxpayer he again rejected an oil import fee as far too costly to the overall u s economy reuter 
