API: Proposed taxes short-sighted, unnecessary

Rather than proposing $44 billion in new taxes on its oil and natural gas industry, the US government should open the door to a common-sense energy policy, said John Felmy, chief economist with the American Petroleum Institute. Energy policy can explain much of the difference between recent economic growth in Canada and Brazil vs. that in the US, Felmy said Sept. 22 in a conference call with reporters to discuss the economic impacts of US President Barack Obama's budget plan, which includes raising taxes on oil and gas producers. Canada and Brazil have been more successful in rebuilding their economies following the 2008 global economic downturn because of massive investment in oil and ga...

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