WASHINGTON, D.C. – American Fuel & Petrochemical Manufacturers President Charles T. Drevna issued the following statement today in response to energy tax increases in President Obama’s proposed budget:
“It’s disappointing that President Obama is once again proposing to bar companies that produce oil and natural gas and that manufacture fuels and petrochemicals from taking the same business tax deductions as other industries. If the president’s proposal is enacted by Congress it will drive up energy costs for American consumers and prevent the creation of desperately needed new jobs for American workers.
“America would be better off if the president opened up more parts of the United States to oil and natural gas production, reduced harmful overregulation that is raising fuel costs, and approved construction of the Keystone XL pipeline to bring 700,000 barrels a day of oil to American refineries. These actions would generate billions of dollars in new tax and fee revenue for federal, state and local governments and strengthen America’s economic and national security. On top of that, the president could save billions more taxpayer dollars by ending subsidies for so-called ‘alternative’ forms of energy unpopular with consumers that can’t compete in the free market.”