Energy Biz Warns: New Taxes Will Force Jobs Overseas American Petroleum Industry.|Http://www.API.Org/policy-and-Issues/policy- Items/taxes/truth-about-Subsidies.aspx
Bedard, Paul, Examiner (Washington, D.C.), The
The nation's energy industry, eyed by Democrats and some Republicans as a tax goldmine to tap to ease the pain of the coming "fiscal cliff," warned Tuesday that that any new taxes or elimination of deductions will rob the industry of "hundreds of thousands" of new jobs that would instead be shipped overseas.
What's more, new taxes would halt oil and gas exploration that the International Energy Association this week said would make the United States energy independent by 2035.
"With new taxes, U.S. oil and gas investments are less attractive and foreign projects more attractive. That's an invitation to push American investment and jobs overseas," said Khary Cauthen, senior director of federal relations for the American Petroleum Industry.
The industry on Tuesday launched a new TV and print ad campaign to fight efforts to trim their deductions, most of which cover development costs. The president and lawmakers are looking at the deductions as an attractive way to raise money without having to hit individual taxpayers. …