A new academic study has this advice for the administration on its proposal to raise taxes on energy companies: Don't do it - go with increased oil and natural gas production instead.

Louisiana State University Professor Joseph Mason says lost economic output, lost jobs and reduced tax revenues would result if the administration succeeds in eliminating a pair of tax treatments now available to oil and natural gas companies - ironic since the administration claims hiking taxes would generate revenue and help lower the deficit. Specifically, higher energy taxes would mean:

• $341 billion in lost economic output, 2011-2020
• 155,000 jobs lost in 2011 and 115,000 each year thereafter until 2020
• $68 billion in lost wages, 2011-2020
• $83.5 billion in reduced tax revenues to government

According to... more »

Our industry's longstanding commitment to safe operations was questioned by some after last year's tragic spill in the Gulf of Mexico. Today, we have more than 20 industry groups working concurrently on improving spill prevention and response. Oil companies are committing resources in the form of dollars, time and expertise to ensure that these improvements are implemented.

In March, we announced the creation of the Center for Offshore Safety. It will bring our best minds and expertise together to help operators strive for and maintain the highest levels of safety performance across the entire industry.

We have worked hard to meet the requirements for resuming operations in the Gulf. That's important because we need those energy resources, both today and in the future. Oil and natural gas... more »

Sometimes it seems like the only news is bad news, but let's take a moment to focus on the positive. The good news is the oil and natural gas industry is making life better in communities around the country. Here's a sampling:

The Observer in Dunkirk, N.Y., has an op-ed column by Petro Enterprises CEO David W. Keefe, noting the positive impact of Marcellus shale gas exploration and development. Keefe writes:

(Marcellus) is estimated to contain up to 500 trillion cubic feet of natural gas, making it, potentially, the second-largest gas field in the world. New York's portion of those reserves could be as much as 50 trillion cubic feet. Drilling the Marcellus in Pennsylvania during a two year period ending in 2010 created 44,000 jobs. Similar performance is expected in New York with the addit... more »