Manufacturers were disappointed to hear the President, once again, call for increased taxes on energy companies during his speech today in North Carolina. Despite growing anxiety in recent weeks about the increasing cost of gasoline and predictions of $5 a gallon gas, the Administration continues to push for punitive tax increases on the oil and gas industry.
The increased costs actually would make a bad situation worse by discouraging oil and gas investments in the United States, increasing energy costs and making us less competitive and threatening job creation and the broader economy. The NAM has long held that the debate about energy policy should focus on enhancing America’s energy security by encouraging new investments in affordable sources of energy, not with new and higher taxes.
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