The American Petroleum Institute issued this statement from President Jack Gerard regarding taxes on oil and natural gas companies in the Obama administration's budget proposal:
“The new taxes are anti-jobs, anti-consumer, and anti-energy. They will depress investment in new domestic oil and gas projects, weakening the nation's energy security. Six million American workers depend on the oil and natural gas industry for their jobs. Raising taxes in a time of economic decline is a recipe for disaster. Historically, new taxes hurt businesses, threaten jobs, and lead to higher prices for consumers. Higher energy taxes that reduce production and increase costs take money from every American household. We need to get the nation on the road to economic recovery. New taxes on domestic energy production make that task substantially harder.”