API criticises Joint Economic Committee study released by Congress

Kyle Isakower, API’s Vice President of Regulatory and Economic Policy, criticised a study issued by the US Congress Joint Economic Committee that claims raising taxes on the US oil and natural gas industry would decrease the deficit:

‘This study was neither accurate nor insightful. Annually raising taxes on the industry by billions of dollars would reduce investment in American oil and natural gas development, cost thousands of US jobs, and, over time, reduce both energy production and the taxes and royalties generated from it. It would also increase imports. We wouldn’t reduce the deficit, and necessary government investments could be adversely affected. Those advocating tax increases, therefore, would be cutting off their nose to spite their face.

‘Those who want more revenue should work to increase access to available US oil and natural gas reserves, which have a long term government revenue potential approaching US$ 2 trillion. That could reduce the deficit and help finance critical government programs without raising energy costs and reducing supplies.’

Read the article online at: https://www.worldpipelines.com/business-news/16052011/api_criticises_joint_economic_committee_study_released_by_congress/