New Taxes on Energy Will Not Bolster American Middle Class
For Immediate Release: Monday, February 2, 2015
Contact: Nicolette Nye, (202) 465-8463, nicolette@nullnoia.org
NOIA Statement on the President’s 2016 Budget Request
New Taxes on Energy Will Not Bolster American Middle Class
Washington, D.C. – NOIA President Randall Luthi today issued the following statement on the Obama Administration’s Budget Request:
“The President has doubled-down on his perpetual proposals to impose billions in new taxes on American energy, which is in direct conflict with his “all-of-the-above” energy rhetoric. The proposed budget simply doesn't match energy reality and will burden the very Middle Class it is touted to bolster.
“Yet again, the President’s budget picks energy winners and losers by imposing over $4 billion in new taxes on domestically produced oil and natural gas. Instead, the President should put forward proposals that support a true “all-of-the-above” energy strategy that harnesses the potential of all sources of energy. If implemented, the President’s proposals will curtail our nation’s ability to continue as a world leader in energy production, resulting in the loss of jobs and energy security, and the return to greater reliance on foreign imports.
“In his recent State of the Union address, the President focused on policies and reforms to bolster middle class Americans, but his budget proposal seeks to punish the very job-creators that are a major economic driver for America. Energy forecasts predict that traditional fuels will be a major part of the energy portfolio for the next two generations. Policies that support increased oil and gas exploration and production will generate far more revenue to the treasury for taxpayers than punitive taxes on American energy. A recent study shows that by opening the Atlantic, Pacific, and Eastern Gulf of Mexico offshore areas, America could, by 2035, create more than 838,000 jobs annually and generate more than $200 billion in new revenue for the government. The President should embrace policies that would bring to fruition these immense benefits, instead of reverting back to failed proposals of the past that would only stand in the way of American economic growth and energy security.”
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ABOUT NOIA
NOIA is the only national trade association representing all segments of the offshore industry with an interest in the exploration and production of both traditional and renewable energy resources on the nation’s outer continental shelf. NOIA’s mission is to secure reliable access and a fair regulatory and economic environment for the companies that develop the nation’s valuable offshore energy resources in an environmentally responsible manner. The NOIA membership comprises more than 325 companies engaged in business activities ranging from producing to drilling, engineering to marine and air transport, offshore construction to equipment manufacture and supply, telecommunications to finance and insurance, and renewable energy.
