'Higher tax burdens on domestic energy producers will drive up energy costs'
Marc W. Smith, Independent Petroleum Association of Mountain States executive director, on Obama administration proposals to place $31 billion of taxes on the US oil and gas industry over 10 years.
Marc W. Smith, executive director of the Independent Petroleum Association of Mountain States, in response to provisions in the Obama administration's proposed fiscal 2010 federal budget which would impose $31 billion of taxes on the US oil and gas industry over 10 years:
"Imposing higher taxes on American oil and natural gas producers is a horrible idea. It will destroy jobs, reduce domestic natural gas and oil production, and slow our economic recovery.
"As American families struggle to make ends meet, these punitive tax polities will place a further burden on family budgets by increasing energy bills. Higher tax burdens on domestic energy producers will drive up energy costs for consumers and business. When consumers are forced to spend more on energy, they have less money left over for discretionary items like new clothing or a dinner out.
"The taxes proposed in this massive spending bill will cripple small American energy companies, known as independents, who produce 82% of US natural gas. Natural gas is a important long-term solution to our current energy woes. It's abundant, it produces clean electricity, it heats our homes and water, and countless products are made with it. Most importantly, natural gas can be used to fuel our nation's cars, thereby reducing our dependence on foreign oil.
"We hope the moderate members of Congress can rein-in the reckless tax-and-spend mentality that is growing on Capitol Hill. I think a lot of people are starting to ask, 'What happened to the people we elected who told us they would preserve jobs and improving our energy independence?'"
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