API: Oil tax proposals reflect Obama's energy inconsistency

03/05/2012
More than $85 billion in new oil and gas taxes in US President Barack Obama's proposal to reform federal corporate tax rates reflect his administration's inconsistent attitude toward the industry, American Petroleum Institute Pres. Jack N. Gerard said. He strongly objected to characterizing recovery of normal business expenses as tax preferences and loopholes. "Certainly, it's better to hear the administration talk about more US oil and gas production than when the president called it yesterday's energy in last month's State of the Union address," he told reporters during a Feb. 23 teleconference. "But what is being proposed will actually chase away energy investment in our...
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