The Wood Mackenzie study also found that government revenues would rise by $127 billion by 2020 if this increased oil and gas production takes places.
With high unemployment continuing to drag down the U.S. economy and devastate millions of American families, American fuel and petrochemical manufacturers are ready to join with companies producing oil and natural gas to do our part to help our country start down the road to economic recovery and increased employment.
Right now, we’re doing all we can to strengthen America’s economic and national security by ensuring that nearly all the fuels Americans rely on continue to be manufactured right here in America, by American workers.
But unfortunately, the Environmental Protection Agency and other federal agencies seem determined to impose extreme and unwarranted regulations that will do nothing significant to improve the environment – but would make U.S. refiners far less competitive with refiners in foreign lands.
And President Obama seems to never tire of proposing new energy taxes that would destroy American jobs by disadvantaging U.S. manufacturers of fuels and petrochemicals and U.S. companies that produce oil and natural gas against foreign competitors.
The American oil and natural gas sector supports more than 9 million American jobs – and can create many more if only President Obama will stop throwing regulatory roadblocks and proposed tax increases in our path.
We don’t get subsidies and don’t get special tax breaks. We simply get tax deductions that are comparable to – and in some cases more limited than – the deductions other American businesses get.
Oil, natural gas, refining and petrochemical companies are some of the biggest taxpayers and biggest employers in America. We contribute hundreds of billions of dollars in taxes and fees to government at the federal, state and local levels.
These companies simply want to be treated like other American companies when it comes to paying taxes. We don’t seek preferential treatment – just equal treatment.
Instead of setting up confrontations with energy companies, President Obama and Congress should cooperate with the companies to strengthen America’s economy. The best way to get more tax revenues from oil and gas producers and fuel and petrochemical manufacturers is to let us produce and manufacture more. The more we earn, the more people we can hire and the more taxes we and our workers pay.
It’s time for America to develop an energy policy based on reality rather than ideology, grounded in what works rather than in hopes and dreams.
America is not energy poor – we are energy rich. Every American would be better off if our leaders would give us greater access to American energy and allow us to manufacture more fuels and petrochemicals in America, free of overregulation and discriminatory taxation.
Charles T. Drevna is president of the National Petrochemical & Refiners Association.