API's Jack Gerard comments on administration's FY2011 budget plan

Cathy Landry | 202.682.8122 | landryc@api.org

WASHINGTON, February 1, 2010 – American Petroleum Institute President Jack Gerard today issued the following statement on provisions included in the FY 2011 budget submitted to Congress that are aimed at imposing new taxes on the oil and natural gas industry:

“With America still recovering from recession and one in ten Americans out of work, now is not the time to impose new taxes on the nation’s oil and natural gas industry. New taxes would mean fewer American jobs and less revenue at a time when we desperately need both. A robust U.S. oil and gas industry is essential to the recovery of the nation’s economy. In addition to providing the cost-competitive energy that it is the lifeblood of the economy, the industry is one of the largest employers in the country, supporting more than 9 million jobs, including many green jobs. Imposing new taxes would 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.”

“We hope to work with the administration and Congress to seek sound public policies that will allow the oil and gas industry to create new jobs and help fuel an economic recovery that will benefit all Americans.”