API says energy legislation still fails consumers

WASHINGTON – API issued the following statement:

“The tweaks the Senate has made to the counterproductive House energy bill will do nothing to produce more, much-needed oil and natural gas supplies for American consumers. The tax provisions target the oil and natural gas industry to pay for costly, and, in some cases, unrealistic alternative energy programs. This will be at the expense of consumers who will still require significant amounts of oil and natural gas for decades to come. The combined impact of the tax provisions and a complicated, unworkable renewable fuels mandate will likely result in higher costs for consumers, job losses and less, not more, energy security for our nation.”