NAM calls house vote on oil, natural gas, disappointing

Manufacturing News, Source : The Manufacturer US
Zone : Energy business
Published : 19 Jan 2007 12:58

The January 18th House vote in support of legislation to increase taxes on oil and natural gas companies “comes as a disappointment to manufacturers in America,” NAM President John Engler said. “The NAM applauds efforts to enhance our nation’s energy security. In contrast, this measure would increase energy costs and discourage investment in domestic energy infrastructure and supply.”

The CLEAN Act – Creating Long-term Energy Alternatives for the Nation (H.R. 6) – would increase taxes on the oil and gas industry, by making them ineligible for the tax deduction for domestic manufacturing activities and changing current rules for depreciating costs incurred in energy exploration.

“The debate over energy policy should not focus on punishing oil and gas companies through new taxes or costs,” Engler added. “Instead, Congress should focus on improving access to domestic energy supplies, energy efficiency technology and creating a more secure energy future for all consumers.”

“This legislation will not only create disincentives for domestic exploration and production, but it will also make us even more dependent on foreign sources of energy,” Engler added. “Where is the energy independence in that?”

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