Mar 29, 2012 IPAA Statement on Bipartisan Senate Action to Reject Billions in New Taxes on American Oil, Natural Gas
WASHINGTON – Today, the U.S. Senate failed to invoke cloture, or limit debate, on Sen. Robert Menendez’s bill, S. 2204, which targets longstanding tax provisions that encourage American oil and natural gas production. Failing to invoke cloture now effectively kills the bill. It was rejected in the Senate on a vote of 51 to 47. Independent Petroleum Association of America (IPAA) President and CEO Barry Russell issued the following statement:
“Hopefully, today’s common sense vote in the Senate will end the Obama administration’s attempt to blame high gasoline prices on the oil and natural gas industry and the provisions that have encouraged massive new energy production and American jobs. The American people deserve solutions, not political posturing that will do nothing to help our nation meet our growing energy needs.
“Repealing the oil and natural gas industry’s provisions remains a centerpiece of the President’s energy agenda, as evidenced by his speech in the White House Rose Garden this morning. It is indeed understandable why nearly 70 percent of Americans, according to a new Reuters/Ipsos poll, disapprove of the President’s misguided approach to addressing gasoline prices.
“IPAA remains dedicated to working with our leaders in Washington to support the safe and responsible development of our nation’s oil and natural gas resources, while providing the energy, jobs, and revenues U.S. citizens rely upon each day.”