Why it’s a Bad Idea to Hike Taxes on America’s Energy Producers. Biden’s Proposed Tax on Oil, Natural Gas Will Cost Economy $9.1B, 90,000 Lost Jobs.
Take just one state. California. California’s natural gas and oil industry supports 1053,000 jobs, contributes $189.1 billion to the state economy, and provides the state $2.6 billion in wildlife conservation funding. Does anyone think that solar can replace that?
The truth is that America’s energy companies pay their fair share, and support over 10.3 million jobs right here at home. Every job in natural gas and oil supports another 2.7 jobs in other sectors. And rather than getting special tax treatment, the effective tax rate for natural gas and oil has been historically higher than electric utilities, banks, airlines, and several other large industries.
America’s natural gas and oil producers are able to creates tens of millions of jobs because of a tax code that levels the playing field across all industries and allow natural gas and oil to invest in new technology. See video below.
America is on its way to recovery. That’s why we need to stop these short-sighted tax hikes now, to keep our recovery moving.36