Oil, gas trade groups ask Congress to shun calls for higher taxes
Fourteen US oil and gas trade associations asked US congressional leaders to resist proposals to increase oil and gas taxes during the 2012 yearend lame duck session as an early step to address the looming federal fiscal crisis.
“Through hundreds of billions of dollars invested to develop vast new oil and natural gas reserves, this industry is not only producing the energy a growing economy demands, but also creating tens of thousands of high-paying jobs while generating billions in new revenue for the government,” the Nov. 27 letter to US Senate Majority Leader Harry M. Reid (D-Nev.), Senate Minority Leader Mitch McConnell (R-Ky.), US House Speaker John A. Boehner (R-Ohio), and House Minority Leader Nancy Pelosi (D-Calif.) said.
“Therefore, any attempts to target the oil and gas industry for punitive treatment should be avoided as higher taxes could put the economic growth we’ve created at risk,” it continued.
The letter was signed by top officials from the American Petroleum Institute, Independent Petroleum Association of America, American Fuel & Petrochemical Manufacturers, Natural Gas Supply Association, American Exploration & Production Council, America’s Natural Gas Alliance, Association of Energy Service Cos., National Ocean Industries Association, Petroleum Equipment Suppliers Association, and five other industry associations.
Contact Nick Snow at [email protected].
Nick Snow
NICK SNOW covered oil and gas in Washington for more than 30 years. He worked in several capacities for The Oil Daily and was founding editor of Petroleum Finance Week before joining OGJ as its Washington correspondent in September 2005 and becoming its full-time Washington editor in October 2007. He retired from OGJ in January 2020.