Thousands of people from all walks of life are expected to participate in rallies for jobs and the economy tomorrow, Sept. 1. They will gather at three venues in Houston, Port Arthur and Corpus Christi, Texas, where they will make their voices heard.

Some of the attendees are likely to be energy workers whose jobs are on the line due to the offshore drilling moratorium and the threat of higher energy taxes. But they won't be the only people who attend.

It's expected that Wednesday's rallies will be similar to the series of rallies held last fall, in which the participants included union members, teachers, homemakers, farmers, small business owners and operators, and veterans--all of whom were citizens and voters who recognized the importance of energy to their lives, economic welfare of t... more »

In today's episode, I interview Stephen Comstock, API's tax policy manager, about proposals from Congress and the administration that could raise taxes on the oil and natural gas industry. If enacted, these taxes would have a negative impact on the U.S. economy and the industry.

Use the audio player below to listen to information about the article and follow along with the show notes. I hope you find the podcast informative.

00:17 Congress and the Obama administration are proposing some Tax Code changes that could have a very negative impact on America's oil and natural gas industry. It appears that they are using the recent Gulf oil spill as an excuse to single out the industry and force it to pay more in taxes than any other industries. Stephen Comstock, API's tax policy manager... more »

High seas have forced BP to postpone efforts to remove the containment cap on the Macondo well. The company says engineers are standing by, waiting to remove the cap and the battered blowout preventer (BOP) before replacing the BOP with one from the Deepwater Driller II. No oil is expected to be spilled during the operation.

In related news today:

• Bloomberg reports that BP engineers misread pressure data on the Macondo well before the explosion and fire. Their positive interpretation of the data led to the decision to replace the heavy drilling fluids with lighter seawater, which could not prevent natural gas from rising from the well leading to the explosion and fire.
• Platts reports that two more sessions of hearings are likely to be held before the national commission investigating the... more »

Last week, Grant Thornton LLP released a study--"The implications of the oil spill on deepwater exploration and production"--that outlines the impacts of new, proposed offshore drilling regulations. The analysis found that these regulations would likely increase costs for Gulf energy exploration and production (E&P) businesses and adversely impact the future of Gulf offshore drilling.

The study states that "as a result of the oil spill, the future costs of drilling and operating in the Gulf will rise considerably" due to the following factors:

• Insurance increases, estimated to jump as much as 50 percent, resulting in higher daily drilling rates;
• Higher capital costs with investors and creditors demanding higher returns; and
• Significant regulation changes, such as removing the liability... more »

During the first Clinton presidential campaign, adviser James Carville reportedly placed a placard on the wall that said, "The economy, stupid." His point was clear. The key issue for voters that year was the economy.

This year the nation is facing a similar situation. The United States is struggling to overcome the worst recession since The Great Depression, and economists say the sputtering recovery is not producing new jobs. Some 15 million Americans are out of work.

Despite the dismal statistics, there are portions of the country where plenty of jobs are available for workers who want to drill for and produce oil and natural gas. Statistics show that energy-producing states have some of the lowest unemployment rates in the country.

North Dakota, for example, boasted an unemployment rat... more »