There is obviously much more to be said about the “New Era of Responsibility” that was released by the Obama administration. But as I collect my thoughts, in case anyone doubted how bad the budget proposal would be to American oil and natural gas production, or how seriously we are taking the news at IPAA, see the following:
“This is a stunning choice of attacks, changes to take away capital from the American producers,” said Lee Fuller, vice president for government relations at the Independent Petroleum Association of America.
“I am just absolutely flabbergasted,” said Houston oilman Bruce Vincent, vice chairman of the Independent Petroleum Association of America. “It’s like putting a dagger in the heart of the oil and gas industry in America. If you actually did all these things, it would kill the industry.”
-Dallas Morning News
“Ninety percent of the oil and natural gas wells developed in the United States are done by small, independent businesses — not so-called ‘Big Oil’ — so tax increases hurt these companies most,” said IPAA President and CEO Barry Russell. “This budget hurts our ability to be competitive with other nations in the growing world energy marketplace.”