API President and CEO Jack Gerard made the following statement on August 2 after the passage of an emergency bill to raise the debt ceiling through the Senate:
‘We commend the budget negotiators for recognising that raising taxes on the oil and gas industry is not the right approach for addressing our debt. More investment in our economy, not more taxes, is the key to generating more jobs and producing more revenue for the government.
‘America’s oil and natural gas industry makes tremendous investments in our economy and can do more. Just last year, the industry directly contributed more than US$ 470 billion to the US economy in spending on new projects, wages and dividends; or over half the cost of the government stimulus paid for by American taxpayers in the year before.
‘More taxes would slow down this critical engine of growth, jeopardizing the 9.2 million US jobs our industry supports and the US$ 86 million a day in taxes, royalties and other payments it delivers to our government. We need policies that promote jobs and government revenue through more private investment in developing America’s own resources, not more taxes.’
Read the article online at: https://www.oilfieldtechnology.com/exploration/03082011/api_applauds_the_absence_of_tax_rises_in-us_debt_ceiling_deal/