API criticises congressional plans to raise energy taxes

API’s senior tax advisor Brian Johnson joined Americans for Tax Reform, the U.S. Chamber of Commerce and the Small Business & Entrepreneurship Council to refute proposals in Congress to raise taxes on energy and what it could mean for American businesses, the economy, jobs and gas prices.

During a joint press briefing on May 9 2011, Johnson disproved the argument that raising taxes on the U.S. oil and natural gas industry would help the American economy.

‘More taxes would do nothing to lower prices. They would not affect the global economics underpinning oil supply and demand, which explain today’s gas prices,’ Johnson said. ‘They would, however, hurt the economy by reducing energy investment and the new jobs that would flow from that investment.

‘Proponents of tax increases need to get serious about American jobs and American investment. Oil and natural gas companies can do much more to help, but the right policies are needed to facilitate this. Increasing taxes is not the answer.’

A full transcript of the statement is available on the API website.

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