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IPAA Reacts to House Tax Package

Washington, D.C.  – The Independent Petroleum Association of America (IPAA) today released the following statement on the House of Representatives energy tax package H.R. 5351, the Renewable Energy and Conservation Tax Act.

FROM BARRY RUSSELL, PRESIDENT & CEO, INDEPENDENT PETROLEUM ASSOCIATION OF AMERICA

IPAA represents the companies that drill 90 percent of the nation's oil and natural gas wells.  These companies produce 82 percent of American natural gas and 68 percent of American oil.

“The House tax package establishes an unfortunate precedent of funding one energy source at the expense of another. We need to aggressively develop alternative energy solutions, not pit one against another.  H.R. 5351 intends to promote alternative energy at the expense of other critical American energy investments.

“This energy "initiative" will not only hurt the ability of independent oil and natural gas producers to operate and produce vital energy resources in the United States, it will also harm American consumers, manufacturers and agricultural producers.  This is a path America cannot afford to travel.

“Our country’s energy focus should be on securing American energy supply, not discouraging future American energy production.  Unfortunately, the House energy tax package sends the wrong – and potentially harmful – message about an essential part of America’s energy supply.

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IPAA is the national trade association representing oil and natural gas producers that drill 90 percent of the nation's oil and natural gas wells. These companies account for 68 percent of America's oil production and 82 percent of its natural gas production.