American Petroleum Institute executive vice president Marty
Durbin said he supports the House Natural Resources
Committees efforts to focus on the need to produce more
of Americas oil and natural gas resources, which would
create more jobs for workers and more revenue for government,
the API says.
This effort is the first to directly focus on
Americas vast resources, which will go a long way to
supporting our government and American jobs, said
The president has encouraged more oil and natural
gas development in Brazil and Saudi Arabia, he
continued. We need the focus to be on what we can do here
at home, and greater access is critical.
Proposals to increase taxes on our industry were a bad
idea during the last Congress, and are a bad idea today. More
taxes are a sure way to lower American investments, hurt
American jobs, and eventually reduce federal revenue. The
legislation turns the focus on what we can do in America for
America by Americans.
A tax hike similar to what the administration and some in
Congress have proposed would diminish revenue to the government
by billions of dollars while also costing jobs and energy
production, according to a recent study by the international
consulting group Wood Mackenzie.
Raising taxes on oil and natural
gas companies would do nothing to lower gasoline
prices, Durbin also pointed out. It would, however,
punish millions of American retirees invested in state pension
funds and the tens of millions of Americans who hold stock
through mutual funds, IRAs and individual investments.
We have the opportunity to create over a million new
American jobs and deliver trillions more to the federal
treasury, he added. But, we need to keep investing
in Americas companies and its people. HR 1230, the
Restarting American Offshore Leasing Now Act, is a big step in
the right direction.
The House passed the HR 1230 and is expected to vote this
week on HR 1229.
The oil and natural
gas industry congratulates Chairman Hastings and House
members for voting in favor of the bill, the API said.