American Petroleum Institute officials expressed concern that provisions before the 110th US Congress could effectively reduce available oil and gas supplies and harm US consumers.“In a nutshell, I’m worried that much of the possible legislation simply could repeat the mistakes of the 1970s and ‘80s,” chief economist Jon C. Felmy told reporters in a June 11 teleconference that included other officials from API’s upstream, downstream, and tax departments.Specifically, Felmy said calls to increase taxes on oil companies in a manner similar to the Windfall Profit Tax of the early 1980s would lower domestic production and move investments overseas. Felmy also cri...