WASHINGTON, May 17, 2011 – API’s Executive Vice President Marty Durbin welcomed the result of the procedural vote on the S.940 tax bill. He said it should provide an opportunity for Congress to now move in a more constructive direction on energy:
"With this vote we hope Congress will now turn to more constructive policymaking on energy. Our nation needs to prepare for its energy future with policies that encourage more development of domestic oil and natural gas resources that we know our nation will need in the decades ahead. Raising taxes on an industry that already contributes more than $86 million every day in federal taxes and production fees takes us in the wrong direction and will result in fewer jobs, diminished energy security and less revenue for the government. Instead, we hope the Senate will move forward tomorrow with S.953 to move the debate forward on domestic energy production.
"Our industry supports 9.2 million jobs and can make an even greater contribution to economic growth, government revenue and energy security. But it needs to be able to move ahead on development of America’s energy resources. Sound energy policy recognizes the critical role oil and natural gas will play in our nation’s future while we also expand renewable energy and become more energy efficient. These are the right responses to our energy and economic challenges for today and well into the future."
API represents more than 470 oil and natural gas companies, leaders of a technology-driven industry that supplies most of America’s energy, supports 9.2 million U.S. jobs and 7.7 percent of the U.S. economy, delivers $86 million a day in revenue to our government, and, since 2000, has invested over $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.