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Obama's Jobs Bill will devastate independent oil companies

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Faster horses

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Even at the small chance that President Obama is demonizing and targeting oil companies without full knowledge of the potential economic devastation of his actions, ignorance does not equal innocence—especially not if you are the President of the United States.



I heard a caller on Mark Levin show talk about this last night and
in doing a search, I found this:

In remarks this evening before a Joint Session of Congress, President Obama repeated his interest in raising taxes on oil and natural gas companies as a means of addressing the federal deficit. In response, IPAA President and CEO Barry Russell released the following statement:

“It is unfortunate that, at a time of historically high unemployment and nominal economic growth, the President would once again propose raising taxes on America’s oil and natural gas producers.

“The President’s recommendations for improving transportation and the nation’s infrastructure fail to recognize the energy required to make these programs successful. It will require oil and natural gas — which should come from American resources. Instead, he calls for taxing our nation’s oil and natural gas industry, one of the few industries that actually is creating jobs today.”

“Contrary to popular belief, the tax proposals laid about by the President would not chiefly impact ‘Big Oil,’ but rather the 18,000 independent oil and natural gas producers in the United States who on average employ only 12 workers. These companies drill 95 percent of the nation’s oil and natural gas wells and account for 67% of total domestic production of these resources.

“The oil and natural gas industry as a whole generates more revenue for the federal government than any source other than income taxes, paying an effective federal rate of 48% plus substantial state and local taxes. In fact, a recent study by IHS Global Insight showed that independent producers could generate $930 billion for state, local, and federal governments in the form of taxes, rents, and royalties over the next decade, as well as support the creation of approximately 900,000 new jobs. The President’s proposal to raise taxes, however, would only generate an estimated $30 billion, while also crushing jobs and significantly weakening America’s ability to produce its own energy.

“If the President is truly interested in reducing the deficit and creating jobs, he needs to recognize the important role that independent producers can continue to play in fueling a short-term recovery and a long-term revitalization of America’s struggling economy. Calling for a series of shortsighted tax hikes, however, will move this country in the opposite direction, and will result in fewer American jobs, larger deficits, and an even greater dependence on foreign, unstable regions to meet our growing energy needs.”Official Blog of the Independent Petroleum Association of America


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Archive for the ‘President Obama’ Category
« Older EntriesGreen Fallout
Friday, September 16th, 2011


A few weeks ago, Washington political world was a-buzz with the news that President Obama decided to back off an EPA rule to tighten Bush-era ozone standards due to the enormous burden it would put on businesses. This was an absolute win for the industry, but a blow to Lisa Jackson, the head of the Environmental Protection Agency, who has been crusading for this rule since she became head of the EPA in 2009. She went so far to say that the current ozone standards were not “legally defensible.”

Following the announcement, many inside the Beltway questioned Lisa Jackson’s tenure at EPA. However, she publicly and respectfully agreed to stand behind President Obama’s decision, making it clear that she would not be leaving. In the weeks following, Obama has made inroads to mend fences with environmental groups. In a press release, he suggested that backing off the job-killing ozone rule was an exception and wrote, “Work is already under way to update a 2006 review of the science that will result in the reconsideration of the ozone standard in 2013.” In other words, “we’ll pick this up later.”

Whether or not President Obama has made personal promises to Ms. Jackson to more harshly regulate the oil and natural gas industry in order to make up politically for backing off the EPA ozone rule, one thing is apparent: In recent weeks, Obama has amped up his anti-industry sentiment in his pitch for jobs.

Right now part of his jobs plan is calling for repealing the “tax loopholes” on oil and natural gas. In reality, these investment-encouraging provisions are applied to all industries. Repealing these provisions is not only counterproductive to job creation, but actually destructive as it would cost thousands of jobs and particularly devastate the smaller independent companies. Please read the IPAA tax structure analysis to learn how repealing the historic provisions will cost the country.

President Obama is nervous about the vocal environmentalists. What Obama should be most concerned with is job creation. In fact, the oil and natural gas industry is one of the only industries currently creating a large amount of well-paying jobs in spite of economic turmoil. But for radical environmentalists, the fact that the nation is facing an economic crisis is not paramount. Despite the fact that the oil and natural gas industry overall has an extremely safe track record, these environmentalists believe quelling industry and development is a absolute moral issue. In reality, the moral issue is putting Americans back to work. Millions of families are struggling. People are taking jobs that they are overqualified for. Companies, burdened by regulations, are forced to lay off workers or close up shop completely.

President Obama is seeking to appease the environmental wing through hurting the oil and natural gas industry. It’s clear that overhauling the tax provisions for the industry would be the ultimate trophy for environmentalists. For the sake of job creation, economic growth, and energy security—lawmakers, the public, and industry must fight to ensure that they do not succeed.



IPAA President and CEO Barry Russell released the following statement:

“It is unfortunate that, at a time of historically high unemployment and nominal economic growth, the President would once again propose raising taxes on America’s oil and natural gas producers.

“The President’s recommendations for improving transportation and the nation’s infrastructure fail to recognize the energy required to make these programs successful. It will require oil and natural gas — which should come from American resources. Instead, he calls for taxing our nation’s oil and natural gas industry, one of the few industries that actually is creating jobs today.”

Sept. 8, 2011

Tonight, in front of Congress, President Obama will announce his much-anticipated jobs plan. The cost of the plan is set at $300 billion, much to the chagrin of many lawmakers in Congress who want to scale back the government’s spending spree due to a deepening national debt.

In Detroit last week, President Obama gave a preview of his plan in front of labor union members, which includes putting people back to work through government-funded construction projects reminiscent of the stimulus package. Later in the speech, he called out Republicans in Congress for defending the historic tax structure for oil and gas companies: “…you say you’re the party of tax cuts? Well then, prove you’ll fight just as hard for tax cuts for middle-class families as you do for oil companies and the most affluent Americans.” In fact, these lawmakers are actually helping middle class families. The historic tax structure encourages private American investment and, consequently, American jobs. Read how repealing the tax structure for American oil and natural production will cost this country.

It’s puzzling that President Obama continues to target the oil industry, considering it’s one of the few bright spots in this dismal economy actually creating a large amount of well-paying jobs. The oil and natural gas industry could be an even larger pillar for job creation if the President changes his administration’s course on energy policy. John Schiller, chairman and CEO of Energy XXI, targeted the problem, saying “if the government would get out of the way, from a regulation standpoint, and let us [XXI] do what we do good, you’ll see us continue to hire and grow this economy.”

Meanwhile, Americans are echoing this frustration at the administration. President Obama’s job approval ratings are at an all time low of 38 percent, numbers which came in the wake of news that no new jobs were created in August and unemployment remains at 9.1 percent, despite White House forecasts that it would drop to 8.3 percent in 2012.

Yesterday, a Wood Mackenzie study revealed that policies that expanded drilling in the United States would create over 1 million jobs by 2020. The study looked at the effects of policies which would loosen regulatory restrictions on drilling to open up vast areas of resource-rich land for development—land that is now off-limits. It included policies that would speed up permitting in the Gulf, open up New York for shale drilling, and approve the Keystone Pipeline XL. Not only would jobs be created, but the government’s own bank account would be replenished. The study estimates that wider development would add $36 billion in new revenue by 2015 and $803 billion by 2030. The study reported that in addition to jobs, these policies would produce an additional 1.27 million barrels of oil-equivalent (BOE) per day by 2015 and 4.19 million BOE in 2020. This goes a long way to increasing our energy security and minimizing our dependence on foreign oil—two goals President Obama says he supports.

IPAA, along with an array of industry groups, sent a letter to Obama that called for faster offshore oil and gas permitting in his plan for jobs. We’ll see if Obama’s jobs plan does indeed include a responsible energy policy that develops our rich resources and puts Americans back to work or if he will continue targeting and demonizing the very companies that are keeping this economy afloat. The American people—desperate for work—will be watching.
 

hypocritexposer

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the jobs bill as written by obama is dead in the water.

Neither the Repubs. or the Dems. want any part of it
 

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