AFPM members pay billions of dollars in taxes and fees each year to governments at the local, state and federal levels. Proposals to raise energy taxes and bar companies in the oil and gas sector from utilizing the same tax deductions that other businesses receive would raise energy costs, threaten employment, and make America more reliant on foreign nations in unstable areas of the world to provide us with oil, fuel and petrochemicals.
Companies that manufacture fuels and petrochemicals and that produce oil and natural gas are a major source of revenue for the United States government and economy. According to the Institute for Energy Research, these companies pay an average of 41 percent in taxes, compared to the 26.5 percent overall average of other U.S. manufacturers. In 2010, the oil and gas industry paid more taxes per company to the Federal Treasury than any other industry.
American fuel and petrochemical manufacturers and oil and natural gas producers pay income taxes, royalties and other fees totaling nearly $86 million every day.
Several proposed measures during the last few Congresses have looked to raise taxes significantly on the oil and gas sector. Taxing American businesses that employ and support more than 9 million jobs would weaken America’s economic and national security.
American Fuel & Petrochemical Manufacturers
1800 M Street, NW Suite 900 North
Washington, DC 20036