API Executive Vice President Marty Durbin told reporters on 15th September that more prodevelopment oil and natural gas policies could provide a major boost to the nation’s economy and create more than 1 million jobs. He said the President’s proposal to increase taxes on the industry in he administration’s job plan would have the opposite result and ultimately result in lost jobs and revenue. Durbin said API would be providing it comparison of the two approaches to the budget super committee in Congress as well as other policymakers and the public.
‘As the president speaks every day about the need for job creation and deficit reduction, we’d like to once again make the case directly to the White House that America’s oil and natural gas industry provides a critical opportunity to help address both issues. Unfortunately, the administration seems to be looking past this opportunity and making choices that take us in the wrong direction.’
‘The president would pay for his jobs plan, in part, by imposing at least a US$ 44 billion tax increase on our industry. Doing so would result in fewer jobs, less government revenue and less energy production. This is the wrong choice.’
‘A study we released last week shows that with prodevelopment policies in place America’s oil and natural gas industry could create 1 million jobs in just seven years, generate US$ 800 billion in government revenue by 2030 and greatly increase our energy production, on the order of 20 million bbls worth of energy per day more. This is the right choice.’