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New Energy Taxes, Last Thing U.S. Economy Needs
Energy expert warns new taxes on American energy companies in White House budget proposal would stifle economic recovery, slow job creation, hurt investors
WASHINGTON -- Although President Obama promised a renewed focus on growing the economy and creating jobs during last week's State of the Union address, his 2011 budget proposal delivered to Congress Monday includes new energy taxes that will do the exact opposite. Responding to these potentially harmful proposals, Jack Rafuse, principal of the Rafuse Organization, released the following statement:
"The Administration's new federal budget proposal aims to deny the oil and natural gas industry a tax deduction allowed to all manufacturing companies. This move would levy an incredible burden on American businesses, workers and households.
"For example, according to the Energy Policy Research Foundation, approximately 18 percent of our domestic oil production comes from 83 percent of America's oil wells. A lot of this oil is produced by small, independent companies. New taxes on our domestic energy industry would hit those producers the hardest, drying up the cas flow that they depend on.
"Moreover, the U.S. oil and natural gas industry currently supports 9.2 million jobs nationwide. The proposed new energy taxes could force a lot of these hard-working Americans to join the already very large number of our country's unemployed. And, if these new taxes are implemented, everyday investors stand to lose, too. Retail investors -- plus the IRAs, mutual funds and pension plans that retirees are counting on -- own more than 93 percent of America's publically-traded oil and natural gas companies. Adding to the tax burden of these energy companies simply means subtracting investor savings.
"We need creative ideas to get our economy back on track and people back to work. Levying new taxes on America's energy companies is certainly not one of them."
To schedule an interview with Jack Rafuse, please contact:
Christopher Sheeron, csheeron@dcigroup.com, (202) 309-6740.
Follow Jack Rafuse on Twitter: @TheRafuseOrg
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WASHINGTON -- Although President Obama promised a renewed focus on growing the economy and creating jobs during last week's State of the Union address, his 2011 budget proposal delivered to Congress Monday includes new energy taxes that will do the exact opposite. Responding to these potentially harmful proposals, Jack Rafuse, principal of the Rafuse Organization, released the following statement:
"The Administration's new federal budget proposal aims to deny the oil and natural gas industry a tax deduction allowed to all manufacturing companies. This move would levy an incredible burden on American businesses, workers and households.
"For example, according to the Energy Policy Research Foundation, approximately 18 percent of our domestic oil production comes from 83 percent of America's oil wells. A lot of this oil is produced by small, independent companies. New taxes on our domestic energy industry would hit those producers the hardest, drying up the cas flow that they depend on.
"Moreover, the U.S. oil and natural gas industry currently supports 9.2 million jobs nationwide. The proposed new energy taxes could force a lot of these hard-working Americans to join the already very large number of our country's unemployed. And, if these new taxes are implemented, everyday investors stand to lose, too. Retail investors -- plus the IRAs, mutual funds and pension plans that retirees are counting on -- own more than 93 percent of America's publically-traded oil and natural gas companies. Adding to the tax burden of these energy companies simply means subtracting investor savings.
"We need creative ideas to get our economy back on track and people back to work. Levying new taxes on America's energy companies is certainly not one of them."
To schedule an interview with Jack Rafuse, please contact:
Christopher Sheeron, csheeron@dcigroup.com, (202) 309-6740.
Follow Jack Rafuse on Twitter: @TheRafuseOrg
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Labels: budget, energy taxes, jobs, natural gas, oil, President Obama
Read more!Friday, January 8, 2010
New U.S. Employment Statistics Underscore Need for Increased Energy Access
In light of the U.S. Labor Department's release today of its December jobs report - yet another analysis showing Americans still face a double-digit unemployment rate - energy expert Jack Rafuse, principal of the Rafuse Organization, released the following statement:
"Today's new jobs report illustrates once again that we need to find new and innovative ways to get Americans back to work. Luckily, one of the best solutions lies just right off our coasts.
"Unlike other stimulus plans that rely on tax dollars, the benefits of increased offshore activity wouldn't depend on taxpayer funding. By utilizing the more than over 440 trillion cubic feet of natural gas located right of the U.S. coast, domestic energy companies would create tens of thousands of well-paying, long-lasting job opportunities while contributing billions to our economy.
"But, unfortunately, policymakers on Capitol Hill, at the Interior Department and elsewhere continue to block access to the abundant and affordable natural gas reserves we have here right at our door. If these valuable resources were not locked away offshore under federal control, they would enable our energy companies to employ thousands of people in what continues to be the harshest employment climate since the Great Depression.
"The Labor Department's report shows that our economy shed another 85,000 jobs last month. This news brings the total number of job losses to more than 8 million since the recession started in 2008. Therefore, I urge policymakers to remember that blocking access to our domestic natural gas resources means blocking job growth. And that's something now that America's families simply cannot afford."
TO SCHEDULE AN INTERVIEW WITH JACK RAFUSE, PLEASE CONTACT:
Chris Sheeron, media@jackrafuse.com, (202) 309-6740.
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"Today's new jobs report illustrates once again that we need to find new and innovative ways to get Americans back to work. Luckily, one of the best solutions lies just right off our coasts.
"Unlike other stimulus plans that rely on tax dollars, the benefits of increased offshore activity wouldn't depend on taxpayer funding. By utilizing the more than over 440 trillion cubic feet of natural gas located right of the U.S. coast, domestic energy companies would create tens of thousands of well-paying, long-lasting job opportunities while contributing billions to our economy.
"But, unfortunately, policymakers on Capitol Hill, at the Interior Department and elsewhere continue to block access to the abundant and affordable natural gas reserves we have here right at our door. If these valuable resources were not locked away offshore under federal control, they would enable our energy companies to employ thousands of people in what continues to be the harshest employment climate since the Great Depression.
"The Labor Department's report shows that our economy shed another 85,000 jobs last month. This news brings the total number of job losses to more than 8 million since the recession started in 2008. Therefore, I urge policymakers to remember that blocking access to our domestic natural gas resources means blocking job growth. And that's something now that America's families simply cannot afford."
TO SCHEDULE AN INTERVIEW WITH JACK RAFUSE, PLEASE CONTACT:
Chris Sheeron, media@jackrafuse.com, (202) 309-6740.
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Labels: gas, jobs, OCS, Unemployment
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