Cathy Landry | 202-682-8122 | landryc@api.org
WASHINGTON, March 18, 2009 – American Petroleum Institute President Jack Gerard today issued the following statement on Central Gulf of Mexico Lease Sale 208, held in New Orleans, that received $703 million in high bids:
“The results of Lease Sale 208 underscore that, like most U.S. industries, the domestic oil and natural gas sector faces tough economic challenges, not only with the economy reeling but with oil prices half of what they were a year ago. The Obama administration’s plans to add billions of dollars in new taxes would have a devastating impact on an industry that supports six millions jobs and contributes billions of dollars to government revenue. These new taxes are ultimately anti-consumer, threatening millions of jobs, the nation’s economic recovery and energy security."