API Poll: Congress Can Solve Budget Issues Without Punitive Energy Taxes

Fifty-six percent of Americans believe that increasing taxes for the oil and gas industry could drive up energy costs for consumers and extinguish a bright spot in the otherwise slowly growing U.S. economy, according to a poll conducted for the American Petroleum Institute (API).

Eighty-one percent of Americans polled by Harris Interactive for API believe that Washington politicians can solve budget issues without raising energy taxes.

The poll is part of API’s “What America is Thinking on Energy Issues” series.

The poll found that:

• 54 percent of Democrats, 63 percent of Republicans and 55 percent of independent voters would oppose change in the tax code that could lower energy production investment and reduce U.S. energy development
• 91 percent of U.S. voters see more domestic energy investment as important

69 percent believe raising taxes on oil and gas companies could drive up consumer energy costs

The United States’ burgeoning debt, which rose from more than $300 billion Oct. 17 to over $17 trillion, has some politicians on Capitol Hill looking for potential revenue sources to apply towards this debt. The year-end push to develop the U.S. federal budget presents an opportunity for possible legislation that would change the current U.S. tax code for oil and gas companies.

Whenever the debate in Washington turns to spending and debt, a few politicians repeatedly haul out proposals for punitive tax increases on oil and gas, said Comstock in a statement.