Bill Bush | 202.682.8114 | bushw@api.org

WASHINGTON, May 10, 2011 – API President and CEO Jack Gerard said the legislation proposed by Senator Menendez and others to increase taxes by billions of dollars a year on U.S. oil and natural gas companies would hurt our economy and energy security. He urged Congress to reject it: 

"This vindictive money grab could put more people out of work in New Jersey and across America, damage our nation’s energy security, raise energy costs and, ultimately, drive up deficits. The U.S. oil and natural gas industry pays many billions of dollars a year in taxes at some of the highest effective rates around, but those addicted to tax hikes demand more, seemingly oblivious to the risks to our struggling economy. The tax increase proposed would do nothing to reduce gasoline prices.

"Let’s be honest: raising taxes on one of the nation’s biggest and steadiest employers when the unemployment numbers are rising is as mindboggling as it is reckless. We should be putting more people to work producing more of the oil and natural gas we use. That would increase revenue, grow our economy and strengthen our energy security."

API represents more than 470 oil and natural gas companies, leaders of a technology-driven industry that supplies most of America’s energy, supports more than 9.2 million U.S. jobs and 7.5 percent of the U.S. economy, delivers $95 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.