WASHINGTON, March 1, 2012—API President and CEO Jack Gerard responded to the president’s call for a vote to raise taxes on the oil and natural gas industry:
“It is factually wrong for the president to say that the industry receives ‘subsidies.’ A subsidy is a direct payment of money to a person or business by American taxpayers. The president has it backwards, our industry pays the government nearly 90 million dollars a day—the biggest contributor of government revenue than any other industry in the United States.”
For a more detailed explanation why oil and gas tax treatments are not unique or "subsidies," click here
API represents more than 490 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 more than $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.