API issued a statement today from President and CEO Jack Gerard regarding taxes in the administration's "Analytical Perspectives" budget document released this morning.
As this document explains, the administration is proposing to reinstate the Superfund tax on petroleum and repeal several long-standing tax incentives. (See pages 265-276.) In response, Jack Gerard said:
"The new taxes are anti-jobs, anti-consumer, and anti-energy. They will depress investment in new domestic oil and gas projects, weakening the nation's energy security. Six million Americans depend on the oil and natural gas industry for their jobs. Raising taxes in a time of economic decline is a recipe for disaster. Historically, new taxes hurt businesses, threaten jobs, and lead to higher prices for consumers. Higher ene... more »
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