NOIA: Obama’s oil tax plan to hurt consumers

OE Staff
Monday, February 8, 2016

National Ocean Industries Association (NOIA) president, Randall Luthi, issued the following statement ahead of President Obama’s budget request: 

“The [US] is the global leader in oil and gas production and American consumers are enjoying the lowest gasoline prices in a decade, but the President’s proposed US$10/bbl tax will cost consumers an added $0.25 per gallon at the pump. Rather than harming hard working American consumers, the President should be doing everything in his power to further our nation’s position as a global energy leader, strengthen our economy, and keep energy affordable for American consumers. Instead, this administration is holding back our nation’s energy independence through unnecessary regulations like the proposed well control rule that could actually increase risk offshore, leading to a de facto moratorium in the Gulf of Mexico (GOM). What is ironic is that a moratorium in the [GOM] would jeopardize the sole source of revenue to the Land and Water Conservation Fund (LWCF), which the President has proposed to fully fund in his budget. Overly prescriptive regulations such as this deter industry innovations that make our energy success possible and new taxes on the industry hurt American energy consumers.  The President should broaden his vision by encouraging all forms of energy, so consumers have a choice of fuels at a reasonable cost. His budget priorities should not be skewed in favor of any particular form of energy, but should instead leave those decisions to the American consumer.”

Categories: North America Renewables Regulations Oil Production Activity

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