One of the nation’s largest banks warned investors this week that President Obama’s proposal to increase taxes on natural gas producers could “do some serious damage and actually undermine both energy independence and the renewable transition.”
Wachovia’s Equity Research group is exactly on point. The President’s plan to raise $30 billion from America’s oil and natural gas producers — mostly small, independent businesses — is not a comprehensive energy plan and would increase our dependence on foreign oil.
Last week, IPAA issued a press release on this proposed tax increase that gained a lot of press attention. And this week, IPAA member companies are coming to Washington DC to bring this bad proposal to Congress’ attention. Read more about IPAA’s outrage and actions in The Hill article, “Lobbyists Ready to Bring it On.”
The Wachovia report is something all of us should read. Click here to read it.