API’s Tax Policy Manager Stephen Comstock has told reporters that the proposal now before the Senate to raise taxes on selected oil and natural gas companies would do nothing to reduce gasoline prices, but would damage job creation, oil and gas production, and energy security:
‘Let’s be clear: the Senate proposal is not about addressing gasoline prices. Higher taxes will not result in lower fuel prices. In fact, a recent Congressional Research Service analysis concludes that actions like this could increase fuel prices. And 76% of Americans agree with this, according to a recent poll by Harris Interactive. Strong majorities of people of every age, gender, political party, and educational background agree.
‘There is a better path forward. Put policies in place that would allow our companies to do more at home producing the oil and natural gas our nation will use. Had those policies been in place over the last few years, it would already be reflected in additional government revenues. We would not have lost an estimated US$ 5 billion from slower development in the Gulf of Mexico, for example. In fact, a full programme of development would be delivering to the government far more additional revenue than the Senate tax increase proposal could ever hope to provide.
‘The tax increase proposal now in the Senate may serve someone’s political goals, but it would be a Trojan horse to our economy and to our energy security. It’s a bad idea – a destructive idea – and we urge all senators to oppose it.’
To combat the Senate proposal, API is launching a new ad campaign that will educate voters about the consequences of hiking the cost of energy production.
API will run a series of ads in seven target states. The ads will encourage voters to contact their US Senators to reject new taxes on the industry. To see the ads click HERE. The Senate is expected to vote today for the higher energy taxes the president wants.
Of the campaign, API President and CEO Jack Gerard said it will ‘explain that more domestic production is critical to putting downward pressure on gasoline prices—supply matters.
‘It’s time to work together on a national energy strategy that focuses on developing all American energy resources. A true all-of-the-above strategy will create jobs, provide much needed revenue for our government, and secure our nation’s energy future.’
New radio and print ads will run Missouri, Massachusetts, West Virginia, Virginia, North Carolina, Maine and Nevada from March 24 – 27.
Opposition to higher energy taxes is rising among the public. A recent ‘What is America Thinking on Energy Issues’ poll showed that 76% of voters think that higher energy taxes could equal higher gas prices.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/27032012/api_against_tax_increases/