API comment on latest US administration plan

American Petroleum Institute (API) President and CEO Jack Gerard said President Obama’s call for higher taxes on the US oil and natural gas industry would undercut efforts to create jobs.

‘The president’s plan to raise taxes would destroy jobs and drive investment out of the US. It’s ironic that in his search for revenues, the president overlooks the revenues available from increases access to domestic oil and natural gas. Rather then raising taxes on a single industry, he could raise revenues, create jobs and strengthen our energy security.’

‘With one stroke of his pen, the president could allow the oil and natural gas industry to create a million new American jobs in just the next seven years. This could also generate US$ 127 billion in new revenue to the government.’

‘The president’s plan would not produce the revenue promised. We urge the president to focus on measures that create American jobs, get our economy back on track and make us more energy secure.’

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