WASHINGTON - In a speech today in Florida, President Obama reinforced his support for billions of dollars in new, job-crushing taxes on American oil and natural gas. His recent budget proposal also seeks to raise taxes on American energy by billions of dollars. Independent Petroleum Association of America (IPAA) President and CEO Barry Russell issued the following statement regarding today’s speech:
“Floridians expecting to hear bold, common sense solutions from the President today about how America can tackle our long-term energy problems must be disappointed. Not only are Miami consumers being hit with gas prices nearing $4 a gallon, up more than 60 cents compared to this time last year, but what the President delivered today was nothing but more broken promises and more failed ideas about how to solve America’s critical energy needs.
“Unfortunately, the President’s skewed idea of an ‘all-of-the-above’ energy plan ensures that unelected Washington bureaucrats can determine, through massive tax hikes and taxpayer handouts, which forms of American energy should win and which should lose. In this case, the President has chosen to penalize our American oil and natural gas industry with massive tax hikes that benefit no one – especially the consumer.
“His proposed billion-dollar tax hikes on the industry are a direct contrast to his statements that he wants to encourage domestic oil and natural gas production.”