U.S. NEED MORE MONEY
Washington, June 14, 2016 - according to API, at today's Senate Finance Committee hearing titled "Energy Tax Policy in 2016 and Beyond," a suggestion to raise taxes on energy and pick winners and losers in the marketplace is backward-facing and could threaten America's energy revolution and harm consumers, according to API Executive Vice President Louis Finkel.
"America's oil and natural gas industry pays some of the highest tax rates among U.S. businesses, generating billions of dollars every year in revenue for the federal government. Instead of calling for higher taxes that discourage domestic production, policymakers should follow pro-development energy policies that create jobs, improve our broken and outdated tax code, and help our nation provide affordable and reliable energy for consumers.
"We need tax policies that encourage investment in America's abundant energy resources. It is because of our industry's investments that the U.S. is the number one producer of oil and natural gas in the world while leading other countries in lowering carbon and other emissions. The industry also invests billions in low- and zero-emissions technologies to continue to drive down greenhouse gas emissions. This model has proven that we can protect the environment, grow our economy, and save consumers on average $1300 in energy costs per year.
"A strong domestic oil and natural gas sector provides hundreds of thousands of workers with well-paying jobs and indirectly supports millions of additional jobs. By embracing America's energy renaissance, we embrace America's role as an energy super power – and any changes to the tax code should support this."
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