WASHINGTON, D.C. —Karen Harbert, president and CEO of the U.S. Chamber’s Institute for 21st Century Energy, issued the following statement today regarding Senate Majority Leader Harry Reid’s comments that he will bring legislation to raise taxes on oil and gas companies to the Senate floor in the near future:
“It is time for responsible rhetoric from lawmakers and the president on oil and gas taxes. Raising taxes on oil and gas is good news for America’s foreign competitors and bad news for America’s families and businesses.
“According to a Wood McKenzie study
, tax increases of the magnitude proposed by the president will cost America 170,000 jobs and result in a 14% decrease in energy production. This should be no surprise, because our nation saw a sharp increase in imports and a downturn in our economy when Congress imposed a similar scheme in 1980.
“It is irresponsible to punitively single out the oil and gas industry. Punishing energy producers will do nothing to lower gas prices nor is it a substitute for a real energy policy. The administration and Congress would be much better served spending time on actual solutions to our energy problems, such as making some of the 95% of onshore and offshore lands that are currently blocked for exploration available for energy production and building the Keystone XL pipeline.”
The mission of the U.S. Chamber of Commerce's Institute for 21st Century Energy is to unify policymakers, regulators, business leaders, and the American public behind a common sense energy strategy to help keep America secure, prosperous, and clean. Through policy development, education, and advocacy, the Institute is building support for meaningful action at the local, state, national, and international levels.
The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.