Red Cavaney, the president and CEO of the American Petroleum Institute, sent a letter to House Speaker Nancy Pelosi last Friday outlining API’s objections to the energy bill. It’s a point-by-point summary, starting with:
The U.S. oil and natural gas industry has grave concerns about the potential impact your proposed legislation would have on American consumers. Based on the outline that was released yesterday, the legislation would do very little to inrease U.S. supplies of oil and natural gas and, in fact, may well result in less domestic production and increased dependence on foreign oil. By denying states a fair share of revenues, including royalty payments, the Dmeocratic leadership bill removeds an important incentive for states to open up to drilling. New, punitive taxes and higher fees targeting the oil and natural gas industry could push investment oerseas, reducing U.S. production, U.S. jobs and U.S. revenues. API opposes this bill.
Detailed objections on specific provisions follow.
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