New TV ads show Americans don't support higher taxes on the oil and natural gas industry, API Executive Vice President Marty Durbin told reporters in a briefing Wednesday morning:
"Starting today, the API is running ads on broadcast and cable channels that feature the unscripted words of everyday Americans who believe higher taxes on energy companies may translate into higher energy costs for consumers. We decided to run the ads to remind Congress that at a time when many families have had to scramble to balance their budgets, asking them to pay more for the energy they need to live their lives is bad policy and frankly bad politics.
"According to a study by Wood Mackenzie a $5 billion per year tax increase would result in a decrease of $233 billion in revenue to federal, state and local governments by 2030. Further, the study estimates that increased investments, as a result of pro-growth and energy development policies, could generate an additional $800 billion in revenue by 2030. That's a $1 trillion difference to government's bottom line.
"If increased revenue is truly the objective [of those proposing to increase taxes on the industry], then allow the oil and natural gas industry to continue to do what it has always done – invest in America's economy by providing good-paying jobs here at home that develop the energy America needs. That's what the American people support and in the long-term the result would be far better for the American economy, for consumers, for our energy security, and for the nation's long-term economic growth."
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