By Andrew Joseph
March 26, 2012 | 4:56 PM
The U.S. Chamber of Commerce and National Association of Manufacturers both announced on Monday their opposition to legislation that would end tax incentives for some oil and gas companies and told senators they may consider a vote on the act on their annual legislative scorecards.
The groups said the Repeal Big Oil Tax Subsidies Act amounted to a tax on the oil and gas industry and would lead to higher energy prices for Americans.
"Taxes and new fees would decrease domestic energy production and have previously proven to increase reliance on imported energy and to increase costs for consumers," the Chamber's letter to senators says. "Legislation intended to selectively punish energy companies is discriminatory, misguided, unwarranted, and ultimately counterproductive."
The NAM letter states: "Manufacturers, which consume one-third of our nation's energy, embrace an 'all of the above' approach to energy production. Increased taxes on energy companies will increase the costs of fuel to manufacturers in the United States and other energy consumers."
The American Petroleum Institute has also opposed the legislation, launching a targeted ad campaign against the act.
Democrats, meanwhile, have sought to frame Republicans who oppose the act as on the side of the oil companies.