Taxes

The Administration's 2010 budget proposes over $400 billion in new taxes on the oil and natural gas industry, at a time when Americans are telling Washington they want increased national energy security and economic stability.  But these new Federal tax proposals could mean less national energy security and an extended recession.

Imposing additional taxes on America's energy companies could mean less domestic energy production, the loss of American jobs, and less revenue at a time when we desperately need all three.  More taxes will reduce our nation’s energy security by discouraging new investment in domestic oil and natural gas production and refining capacity; thereby pushing those investments – and jobs – abroad.
 
There is a better way than saddling a troubled economy with new taxes that hurt consumers and workers.  The oil and natural gas industry should be allowed to develop the vast energy resources that belong to the Amerian people.  It would improve America’s energy security and create jobs, along with increasing federal, state, and local tax revenues.  In fact, a recent ICF International study found that developing the vast domestic oil and natural gas resources on federal lands that had been kept off-limits by Congress for decades could generate $1.7 trillion in government revenue.

Please sign our petition now.
Learn more about energy taxes here.