API President and CEO Jack Gerard has commented that the legislation proposed by Senator Menendez and others to increase taxes by billions of dollars a year on US oil and natural gas companies would hurt our economy and energy security. He urged Congress to reject the proposal:
‘This vindictive money grab could put more people out of work in New Jersey and across America, damage our nation’s energy security, raise energy costs and, ultimately, drive up deficits. The US oil and natural gas industry pays many billions of dollars a year in taxes at some of the highest effective rates around, but those addicted to tax hikes demand more, seemingly oblivious to the risks to our struggling economy. The tax increase proposed would do nothing to reduce gasoline prices.
‘Let’s be honest: raising taxes on one of the nation’s biggest and steadiest employers when the unemployment numbers are rising is as mindboggling as it is reckless. We should be putting more people to work producing more of the oil and natural gas we use. That would increase revenue, grow our economy and strengthen our energy security.’
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/12052011/api_criticises_proposed_legislation_to_increase_taxes_on_us_oil_and_natural_gas_companies/