Last week, President Obama unveiled his budget proposal outline, which included the most devastating tax proposals in the history of America’s oil and natural gas industry. Throughout his campaign, and so far during his short time in office, President Obama has spoken of a responsible approach to American energy. The administration has included virtually every tax possible on American oil and natural gas producers – which will not only increase our dependence on foreign oil, but also eliminate good-paying American jobs and the U.S. tax and royalty revenues that are a primary component of federal, state and local revenues.
Abolishing American oil and natural gas from the nation’s energy mix is not a comprehensive energy plan. Americans and the Independent Petroleum Association of America overwhelmingly recognize the need for all kinds of energy to help decrease our dependence on foreign oil.
As the American public continues to wait for a detailed energy plan from the president and his staff, the statements they have made so far can best be described as an energy train wreck. The following is an examination of President Obama’s remarks on energy from his most recent radio address: