/PRNewswire/ -- Louisiana State University Endowed Chair of Banking and nationally-renowned economist Dr. Joseph R. Mason estimates that President Obama's proposed energy tax changes would trigger grave economic consequences. In the newly released "Regional and National Economic Impact of Repealing the Section 199 Tax Deduction and Dual-capacity Tax Credit for Oil and Gas Producers," Dr. Mason finds the resulting fallout over the next ten years would include:
-- Initial losses of over 154,000 jobs by the end of 2011, not only in
the energy sector but across the whole economy;
-- More than $341 billion in lost U.S. economic output; and
-- In excess of $68 billion in lost wages nationwide.
"As we've seen in its 2011 budget and newly unveiled 'stimulus' plans, the Obama administration aims to single out U.S. oil and gas firms and raise the cost of energy for consumers by eliminating crucial tax credits to which all taxpayers are entitled," Dr. Mason said.
"Though politicians think they are selectively targeting 'Big Oil' with these energy tax proposals, they would actually devastate thousands of small American businesses nationwide as well as the workers who depend on them. With at least 150,000 U.S. jobs at stake - in fields ranging from healthcare to real estate - it's clear that the costs of repealing Section 199 and dual capacity far outweigh the potential benefit of increased government revenues that may be derived from the proposal."
"The discriminatory energy tax increases proposed by the administration will destroy American jobs and raise the price of energy for consumers," president and CEO of the American Energy Alliance Tom Pyle said. "President Obama's proposed changes -- which would apply solely to oil and gas companies -- have little to do with the debate over offshore drilling safety or even energy policy in general. This tax grab merely represents punitive policies that are now finding a place in the sun in the post-BP oil spill crisis political environment."
Using the government's own economic model - the U.S. Commerce Department's RIMS II system - Dr. Mason provides incredibly conservative economic impacts. In fact, these already staggering estimates do not even include the effects of the proposed tax increases on individual investors. That means if Congress implements these proposed changes, the economic fallout could be even more substantial.
Dr. Mason's report was sponsored by Save U.S. Energy Jobs - a project of the AEA - established to help promote the nation's energy sector. To learn more and get exclusive information on upcoming projects, follow Save U.S. Energy Jobs on Twitter and Facebook.
Founded in May, 2008, The American Energy Alliance ("AEA") is a not-for-profit organization that engages in grassroots public policy advocacy and debate concerning energy and environmental policies. AEA is the advocacy arm of the Institute for Energy Research (IER), a not-for-profit organization - founded in 1989 - that conducts intensive research and analysis on the functions, operations, and government regulation of global energy markets.
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Showing posts with label energy. Show all posts
Showing posts with label energy. Show all posts
Monday, September 13, 2010
Wednesday, August 4, 2010
U.S. Voters to Congress: Reject New Energy Taxes
/PRNewswire/ -- The Center for Individual Freedom ("CFIF") today announced that activists from across the country have sent more than 21,000 letters to Congress urging opposition to federal legislation that slaps U.S. oil and gas companies with a massive new tax bill and consumers with increased energy costs.
The letters were sent over a two-week span in response to an alert sent out by CFIF educating activists about the negative consequences of legislation, proposed by Senator Robert Menendez (D-NJ), that seeks to re-write the "dual capacity" taxpayer rules for American oil and gas companies. The change to the tax code would eliminate the tax credit afforded to domestic energy companies which currently permits them to offset taxes already paid to foreign governments on income made overseas. The Senate Finance Committee - in accordance with the president's budget proposal for next year - also is aiming to scrap the domestic manufacturing income deduction for U.S. energy firms.
"The thousands of voters who have called on Congress to oppose new energy taxes know what's at stake," said CFIF President Jeffrey Mazzella. "While Congress is away for August recess, we hope they will listen to the concerns of their constituents. If they don't and move forward with plans to pass legislation that burdens domestic energy producers with massive and unfair new tax liabilities, thousands of jobs will be lost, investments in new exploration and production projects will be cut and millions of dollars that could further stimulate our economic recovery will disappear."
Perhaps most troubling is the detrimental effect these new taxes would have on American competitiveness and energy security. "If Congress succeeds in raising taxes on U.S. energy producers this fall, it will effectively be subsidizing foreign competitors such as BP, Russia's LUKOIL and Venezuela's CITGO, all of which would not be subject to the added taxes," Mazzella explained. "Congress would literally be handing foreign-owned corporations a competitive advantage over American employers, harming the U.S. economy and increasing our nation's reliance on foreign sources of energy from places that are all too often hostile to American interests and values."
This large groundswell of citizen activism illustrates just how important domestic energy producers are to the health of the nation's economy as a whole. The U.S. oil and natural gas industry generates more than one trillion dollars in economic activity annually and employs more than nine million workers throughout the country.
These 21,000-plus letters send a clear message to Congress: It's past time you stand up for American interests and reject calls to give a leg-up to foreign-based corporations at the expense of our nation's workers and businesses.
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The letters were sent over a two-week span in response to an alert sent out by CFIF educating activists about the negative consequences of legislation, proposed by Senator Robert Menendez (D-NJ), that seeks to re-write the "dual capacity" taxpayer rules for American oil and gas companies. The change to the tax code would eliminate the tax credit afforded to domestic energy companies which currently permits them to offset taxes already paid to foreign governments on income made overseas. The Senate Finance Committee - in accordance with the president's budget proposal for next year - also is aiming to scrap the domestic manufacturing income deduction for U.S. energy firms.
"The thousands of voters who have called on Congress to oppose new energy taxes know what's at stake," said CFIF President Jeffrey Mazzella. "While Congress is away for August recess, we hope they will listen to the concerns of their constituents. If they don't and move forward with plans to pass legislation that burdens domestic energy producers with massive and unfair new tax liabilities, thousands of jobs will be lost, investments in new exploration and production projects will be cut and millions of dollars that could further stimulate our economic recovery will disappear."
Perhaps most troubling is the detrimental effect these new taxes would have on American competitiveness and energy security. "If Congress succeeds in raising taxes on U.S. energy producers this fall, it will effectively be subsidizing foreign competitors such as BP, Russia's LUKOIL and Venezuela's CITGO, all of which would not be subject to the added taxes," Mazzella explained. "Congress would literally be handing foreign-owned corporations a competitive advantage over American employers, harming the U.S. economy and increasing our nation's reliance on foreign sources of energy from places that are all too often hostile to American interests and values."
This large groundswell of citizen activism illustrates just how important domestic energy producers are to the health of the nation's economy as a whole. The U.S. oil and natural gas industry generates more than one trillion dollars in economic activity annually and employs more than nine million workers throughout the country.
These 21,000-plus letters send a clear message to Congress: It's past time you stand up for American interests and reject calls to give a leg-up to foreign-based corporations at the expense of our nation's workers and businesses.
-----
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Monday, September 21, 2009
Pelosi: Congress Will Continue to Work With President Obama to Build an Innovation Economy
/PRNewswire/ -- Speaker Nancy Pelosi released the following statement today following President Obama's speech in Troy, N.Y. on innovation and Energy Secretary Steven Chu's announcement in Washington on funding to modernize our electrical system and build a smart energy grid:
"Today, President Obama reiterated a fundamental truth in America's economic history: innovation is the foundation for long-term prosperity. The President eloquently laid out a national strategy that has been lacking for a critical and fast-paced decade. Resting at the center of our recovery efforts, innovation is key to maintaining our nation's global competitiveness, creating jobs, and ensuring economic growth long into the future.
"The challenges of the 21st century cannot be met with 20th century solutions, and the New Direction Congress will continue to work with President Obama to ensure that we invest in clean energy industries, promote new technologies, support basic research, and train our students for the jobs of tomorrow.
"The 111th Congress is working on several fronts to keep America number one in our global economy. The American Recovery and Reinvestment Act is supporting small businesses committed to innovation and protecting jobs in critical sectors. The measure invests more than $100 billion in basic scientific research, fuel-efficient vehicles and homes, high-speed rail, and reinforcements in our infrastructure.
"Earlier today, Secretary of Energy Steven Chu announced $144 million in Recovery Act funding to modernize our electrical system and build a smart grid that strengthens our national security, creates clean energy jobs, saves consumers money on their energy bills, and diversifies our power supply with renewable, clean American energy.
"Throughout our nation's history, the ingenuity, hard work, and unmatched potential of the American people have been the building blocks for progress for every family. Congress shares President Obama's vision, and we will continue to work together to build an innovation economy in the years to come."
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"Today, President Obama reiterated a fundamental truth in America's economic history: innovation is the foundation for long-term prosperity. The President eloquently laid out a national strategy that has been lacking for a critical and fast-paced decade. Resting at the center of our recovery efforts, innovation is key to maintaining our nation's global competitiveness, creating jobs, and ensuring economic growth long into the future.
"The challenges of the 21st century cannot be met with 20th century solutions, and the New Direction Congress will continue to work with President Obama to ensure that we invest in clean energy industries, promote new technologies, support basic research, and train our students for the jobs of tomorrow.
"The 111th Congress is working on several fronts to keep America number one in our global economy. The American Recovery and Reinvestment Act is supporting small businesses committed to innovation and protecting jobs in critical sectors. The measure invests more than $100 billion in basic scientific research, fuel-efficient vehicles and homes, high-speed rail, and reinforcements in our infrastructure.
"Earlier today, Secretary of Energy Steven Chu announced $144 million in Recovery Act funding to modernize our electrical system and build a smart grid that strengthens our national security, creates clean energy jobs, saves consumers money on their energy bills, and diversifies our power supply with renewable, clean American energy.
"Throughout our nation's history, the ingenuity, hard work, and unmatched potential of the American people have been the building blocks for progress for every family. Congress shares President Obama's vision, and we will continue to work together to build an innovation economy in the years to come."
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Thursday, April 2, 2009
Bipartisan Senators Introduce 'National Energy Security Act'
PRNewswire / -- Senator Byron Dorgan (D-ND), Senator George Voinovich (R-OH), and key members of the Energy Security Leadership Council (ESLC), a project of Securing America's Future Energy (SAFE), unveiled The National Energy Security Act of 2009 Wednesday. The bill presents a comprehensive plan to reduce our nation's dangerous dependence on oil, primarily through the electrification of the short-haul ground transportation fleet.
"For too long, our national security and our economy have been dependent on a global oil market that we cannot control," ESLC Co-Chairmen Frederick W. Smith, Chairman, President, and CEO of FedEx Corporation, and General P.X. Kelley (Ret.), 28th Commandant of the U.S. Marine Corps, said. "We can no longer remain at the mercy of terrorists, anti-American regimes, or even hurricanes in the Gulf of Mexico. Today, we are offering a new way forward. This bill has the potential to finally defeat the energy policy gridlock by offering a bipartisan, achievable, comprehensive solution that will end our dangerous dependence on petroleum and leave a stronger, safer America in its place."
"America's energy security will continue to be at risk until we can move away from our dependence on foreign oil, much of which is located in dangerous regions of the world," Dorgan said. "Breaking this dependence on foreign oil requires a long-term commitment, and now is the time to make the investments that will improve our security and create jobs in the process. This legislation is a road map for our energy future. The problem with reducing our dependence on foreign sources oil is that many have seen where we want to go, but don't know how to get there. This legislation provides a road map, and will strengthen our energy security for generations to come."
"For years I have called for a Second Declaration of Independence from foreign sources of energy," Voinovich said. "Alleviating our reliance on foreign energy sources is a key to strengthening both our national and economic security. Too many of our energy resources come from politically unstable regions of the world, which often support ideologies in opposition to our own national interests. Our economic interests are then affected by this political and military unrest, causing energy costs to rise, hindering our ability to compete in the global marketplace and bringing our national security into question. It is about time we work on a bipartisan basis to solve this crisis."
In September, the ESLC - a distinguished group of business executives and national security leaders led by Smith and General Kelley - released A National Strategy for Energy Security. The National Strategy offered a comprehensive plan to reduce U.S. oil dependence, primarily through electrification of the short-haul ground transportation fleet, along with crucial measures - including expanded domestic production of oil and natural gas - to keep our nation safe and secure in the interim.
The legislation introduced today by Senators Dorgan and Voinovich largely mirrors the policies laid out in the National Strategy. The bill would:
-- Promote the development and production of an electrified
transportation fleet, creating a transportation system that will be
powered by a wide array of mostly domestic fuels instead of one solely
dependent on oil.
-- Support building the crucial infrastructure necessary to power that
fleet, including recharging stations and vital steps needed to create
a robust, reliable national grid.
-- Strengthen transmission, including giving FERC the power to site
transmission lines, to ensure that the grid is sufficiently robust to
meet the growing demand of an electrified transportation system.
-- Promote the expanded development of domestic oil and natural gas by
conducting an inventory of the most promising areas of the Outer
Continental Shelf (OCS), opening new areas of the Gulf of Mexico, and
ensuring the expeditious leasing of certain areas of the OCS for all
forms of energy, while strengthening environmental safeguards.
-- Support low-carbon electricity, including from nuclear and advanced
coal, through loan guarantees.
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"For too long, our national security and our economy have been dependent on a global oil market that we cannot control," ESLC Co-Chairmen Frederick W. Smith, Chairman, President, and CEO of FedEx Corporation, and General P.X. Kelley (Ret.), 28th Commandant of the U.S. Marine Corps, said. "We can no longer remain at the mercy of terrorists, anti-American regimes, or even hurricanes in the Gulf of Mexico. Today, we are offering a new way forward. This bill has the potential to finally defeat the energy policy gridlock by offering a bipartisan, achievable, comprehensive solution that will end our dangerous dependence on petroleum and leave a stronger, safer America in its place."
"America's energy security will continue to be at risk until we can move away from our dependence on foreign oil, much of which is located in dangerous regions of the world," Dorgan said. "Breaking this dependence on foreign oil requires a long-term commitment, and now is the time to make the investments that will improve our security and create jobs in the process. This legislation is a road map for our energy future. The problem with reducing our dependence on foreign sources oil is that many have seen where we want to go, but don't know how to get there. This legislation provides a road map, and will strengthen our energy security for generations to come."
"For years I have called for a Second Declaration of Independence from foreign sources of energy," Voinovich said. "Alleviating our reliance on foreign energy sources is a key to strengthening both our national and economic security. Too many of our energy resources come from politically unstable regions of the world, which often support ideologies in opposition to our own national interests. Our economic interests are then affected by this political and military unrest, causing energy costs to rise, hindering our ability to compete in the global marketplace and bringing our national security into question. It is about time we work on a bipartisan basis to solve this crisis."
In September, the ESLC - a distinguished group of business executives and national security leaders led by Smith and General Kelley - released A National Strategy for Energy Security. The National Strategy offered a comprehensive plan to reduce U.S. oil dependence, primarily through electrification of the short-haul ground transportation fleet, along with crucial measures - including expanded domestic production of oil and natural gas - to keep our nation safe and secure in the interim.
The legislation introduced today by Senators Dorgan and Voinovich largely mirrors the policies laid out in the National Strategy. The bill would:
-- Promote the development and production of an electrified
transportation fleet, creating a transportation system that will be
powered by a wide array of mostly domestic fuels instead of one solely
dependent on oil.
-- Support building the crucial infrastructure necessary to power that
fleet, including recharging stations and vital steps needed to create
a robust, reliable national grid.
-- Strengthen transmission, including giving FERC the power to site
transmission lines, to ensure that the grid is sufficiently robust to
meet the growing demand of an electrified transportation system.
-- Promote the expanded development of domestic oil and natural gas by
conducting an inventory of the most promising areas of the Outer
Continental Shelf (OCS), opening new areas of the Gulf of Mexico, and
ensuring the expeditious leasing of certain areas of the OCS for all
forms of energy, while strengthening environmental safeguards.
-- Support low-carbon electricity, including from nuclear and advanced
coal, through loan guarantees.
-----
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Tuesday, March 17, 2009
Regional Roundup: President Obama's "Cap-and-Trade" Energy Tax Hits Families, Small Businesses
For weeks, Republicans have been highlighting the fact that the President’s budget taxes too much. Among the tax hikes that has been getting the most attention is the Administration’s “cap-and-trade” energy tax scheme. Under this plan, every American will be hit by the tax hike: middle-class families, small businesses, seniors, charities, schools … basically, anyone who has the audacity to flip on a light switch will be forced to pay higher energy bills thanks to this new $646 billion tax increase. And some of the states suffering the most during the economic downturn – such as Michigan, West Virginia, and Ohio – will be hit hardest by the Administration’s energy tax. The result? Higher energy bills for families and small businesses and more American jobs shipped to Mexico, India, China, and other countries not forced to pay a “cap-and-trade” energy tax.
Don’t hard hit states – and families and small businesses struggling through this recession – deserve better solutions than a massive tax increase that will only drive their energy costs up even further? Editorials and news reports around the country certainly believe so, and that’s why they’ve been taking aim at the Administration’s “cap-and-trade” energy tax ever since the President released his budget. Here’s just a sampling of what newspapers across America are saying about this ill-advised tax hike:
“Midwestern energy providers such as Dayton Power & Light and Duke Energy say the proposal could punish coal-dependent states like Ohio. Duke estimated it could force electric rates 40 percent higher.” – Dayton Daily News, 3/16/09
“[Washington State] House Speaker Frank Chopp, D-Seattle, said many fellow Democrats voiced concern about the economic toll new regulations could take on businesses already shaken by the recession.” – Seattle Times, 3/16/09
“The realization is slowly but surely growing that duplicating Europe’s failed cap-and-trade scheme would be a knockout blow to the U.S. economy that would dramatically increase energy costs and cripple the nation’s dwindling manufacturing base. The Detroit News aptly called cap-and-trade a giant economic dagger aimed at the nation’s heartland.” – San Francisco Examiner editorial, 3/15/09
“Where is this $650 billion or more [energy tax] going to come from? The answer, Louisiana and other industry heavy states: Louisiana ranks sixth in per capita CO2 emissions, California 47th. We have 19 refineries and dozens of chemical plants throughout Louisiana; they will be hit the hardest. It appears that the spread-the-wealth program not only applies to income levels of families, but also where you live.” – Lafayette (LA) Daily Advertiser op-ed, 3/15/09
“Since utilities pass through costs to customers, that’s tantamount to $180 billion in new taxes just on [Appalachian Power Companies] customers between the time cap-and-trade goes into effect and 2030.” – Charleston (WV) Daily Mail column, 3/13/09
“Not only does cap and trade tax at the point of production (even if some of those costs are ultimately borne by consumers elsewhere), but it also shifts economic activity away from those industries. The states that produce the most emissions are going to see the strongest ancillary declines in income and increases in unemployment. The top carbon states – in absolute, not per capita, emissions – include Ohio (No. 3), Pennsylvania (No. 4), Indiana (No. 7) and Michigan (No. 9).” – Wall Street Journal editorial, 3/13/09
House Republicans have a better solution for creating jobs and getting our nation back on a track to prosperity. It involves letting families and small businesses keep more of what they earn to encourage savings and investment – both of which will lead to more job creation now and in the future. In fact, the House GOP economic recovery alternative will create twice as many jobs – 6.2 million total – as the Democrats’ trillion-dollar “stimulus” spending plan at half the cost. As communities across the nation are beginning to realize just how much the Administration’s budget will burden them with more taxes and higher energy costs, isn’t it time for Washington Democrats to abandon its tax, borrow, and spend budget and work on bipartisan solutions to get our economy moving again?
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Don’t hard hit states – and families and small businesses struggling through this recession – deserve better solutions than a massive tax increase that will only drive their energy costs up even further? Editorials and news reports around the country certainly believe so, and that’s why they’ve been taking aim at the Administration’s “cap-and-trade” energy tax ever since the President released his budget. Here’s just a sampling of what newspapers across America are saying about this ill-advised tax hike:
“Midwestern energy providers such as Dayton Power & Light and Duke Energy say the proposal could punish coal-dependent states like Ohio. Duke estimated it could force electric rates 40 percent higher.” – Dayton Daily News, 3/16/09
“[Washington State] House Speaker Frank Chopp, D-Seattle, said many fellow Democrats voiced concern about the economic toll new regulations could take on businesses already shaken by the recession.” – Seattle Times, 3/16/09
“The realization is slowly but surely growing that duplicating Europe’s failed cap-and-trade scheme would be a knockout blow to the U.S. economy that would dramatically increase energy costs and cripple the nation’s dwindling manufacturing base. The Detroit News aptly called cap-and-trade a giant economic dagger aimed at the nation’s heartland.” – San Francisco Examiner editorial, 3/15/09
“Where is this $650 billion or more [energy tax] going to come from? The answer, Louisiana and other industry heavy states: Louisiana ranks sixth in per capita CO2 emissions, California 47th. We have 19 refineries and dozens of chemical plants throughout Louisiana; they will be hit the hardest. It appears that the spread-the-wealth program not only applies to income levels of families, but also where you live.” – Lafayette (LA) Daily Advertiser op-ed, 3/15/09
“Since utilities pass through costs to customers, that’s tantamount to $180 billion in new taxes just on [Appalachian Power Companies] customers between the time cap-and-trade goes into effect and 2030.” – Charleston (WV) Daily Mail column, 3/13/09
“Not only does cap and trade tax at the point of production (even if some of those costs are ultimately borne by consumers elsewhere), but it also shifts economic activity away from those industries. The states that produce the most emissions are going to see the strongest ancillary declines in income and increases in unemployment. The top carbon states – in absolute, not per capita, emissions – include Ohio (No. 3), Pennsylvania (No. 4), Indiana (No. 7) and Michigan (No. 9).” – Wall Street Journal editorial, 3/13/09
House Republicans have a better solution for creating jobs and getting our nation back on a track to prosperity. It involves letting families and small businesses keep more of what they earn to encourage savings and investment – both of which will lead to more job creation now and in the future. In fact, the House GOP economic recovery alternative will create twice as many jobs – 6.2 million total – as the Democrats’ trillion-dollar “stimulus” spending plan at half the cost. As communities across the nation are beginning to realize just how much the Administration’s budget will burden them with more taxes and higher energy costs, isn’t it time for Washington Democrats to abandon its tax, borrow, and spend budget and work on bipartisan solutions to get our economy moving again?
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