Lew just wrong about oil and gas industry taxes

Treasury Secretary Jack Lew’s remarks today about taxes paid by the oil and natural gas industry are incorrect, said the American Petroleum Institute’s Director of Tax and Accounting Policy Stephen Comstock.

“Secretary Lew needs to get his facts straight,” said Comstock. “America’s oil and natural gas companies pay considerably more in taxes than the average manufacturing company. And we use the same kind of cost recovery deductions that are available to every other industry to reinvest money back into the economy.

“Secretary Lew says he wants to make it easier for companies to grow, invest and create good middle class jobs here in the U.S. That is exactly what America’s oil and natural gas industry does best. The ability to recover costs through ordinary tax deductions has allowed our industry to create millions of middle class jobs and make America the world’s leading energy producer.

“History has shown that the people most hurt by higher taxes that increase the cost of energy production are lower-income and middle class Americans. The oil and natural gas industry pays its fair share and provides the federal government tens of billions of dollars in revenue each year.”

Adapted from press release by Joe Green

Published on 22/01/2015

Get your FREE Oilfield Technology magazine »

Get your FREE trial of Hydrocarbon Engineering magazine »

Get your FREE trial of World Pipelines magazine »


Related articles

API applauds vote clearing way for BLM pilot extension

House passage of legislation extends successful pilot program at the Bureau of Land Management.

API against proposed refinery regulation

The American Petroleum Institute has said that a proposed refinery regulation is a costly step backward for environmental progress.

API calls out false accusation

American Petroleum Institute has called out a false accusation by an anonymous source in a crude oil story.

API argues against SEC’s anti competitiveness regulations

The American Petroleum Institute has presented oral arguments to the US District Court for Columbia on API’s lawsuit challenging the US Securities and Exchange Commission’s implementation of Section 1504 of the Dodd Frank Act.

Recommend magazines

  Oilfield Technology