Statement from CEA executive vice president Michael Whatley in response to President Obama’s press conference today:
“We would hope that raising taxes on American drivers will not be part of the debt ceiling negotiations. The repeated calls by the President and Congressional leaders to ‘close loopholes’ for oil and gas companies are in fact calls to raise taxes on American oil and gas production, which will be felt by every motorist each time he or she visits the pump. A better path for raising government revenues is to open up the Outer Continental Shelf to expanded energy production as part of a sensible, balanced energy policy. Allowing more production in the Gulf of Mexico and offshore Alaska could create more than 240,000 jobs nationwide, as well as spur broad economic development and move us closer to a more secure energy future. It would also generate hundreds of billions of dollars in new government revenue from bonus bids, royalty payments, and additional income tax revenue due to the creation of a broader tax base, all without raising taxes by one single dime.”
