Cathy Landry | 202-682-8122 | landryc@api.org
WASHINGTON, Febrary 26, 2009. – American Petroleum Institute President Jack Gerard today issued the following statement on provisions included in the FY 2010 budget submitted to Congress aimed at imposing new taxes on the oil and natural gas industry:
“With America in the midst of an economic recession, now is not the time to impose new taxes on the nation’s oil and natural gas industry. New taxes could mean fewer American jobs and less revenue at a time when we desperately need both. More taxes also could reduce our nation’s energy security by discouraging new investment in domestic oil and natural gas production and refining capacity and pushing those investments – and American jobs – abroad.”