American Petroleum Institute slams Senate on offshore drilling
By JR Hoeft | Wednesday, July 28th, 2010 | PolicyThe American Petroleum Institute, advocates and standard-setters for the oil and natural gas industry, slammed the Senate over their recent approach to Offshore Energy Production proposed late yesterday.
The bill would raise taxes on refiners from 8 cents per barrel to 45 cents per barrel in order to increase funds to the Oil Spill Liability Trust Fund.
API’s President and CEO Jack Gerard called the provision on oil spill liability a “jobs killer.”
Gerard said that “Requiring an unattainable level of insurance coverage for domestic energy producers on the Outer Continental Shelf will force the vast majority of American companies out of U.S. waters….”
The institute issued an economic study indicating the United States would lose an estimated 175,000 jobs per year between now and 2035 and U.S. oil production would decline by 27 percent if deepwater drilling proposals under consideration were adopted and the moratorium lasted indefinitely.
“Legislation that raises the cost of production to uneconomic levels; that renders deepwater oil and natural gas areas off limits to production; drives small- and mid-sized firms out of business; shuts down access to domestic energy resources; or singles out our industry for punitive tax increases—all of which have been part of various bills in the House and Senate—will have significant impacts on jobs and economic growth,” said Gerard.
Democrats, such as Senate Majority Leader Harry Reid of Nevada say the tax hikes are necessary to hold oil companies “responsible” and that the legislation would increase jobs in the “green” economy.
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Conservative to the core; liberal with his opinion! J.R. has been involved in politics for over a decade and has worked on several campaigns in Hampton Roads. He has served on the Executive Committee of the Republican Party of Chesapeake and the Central Committee of the Republican Party of Virginia. He is also the director of “Blogs United” in Virginia. E-mail J.R.. Follow J.R. on Twitter.
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7 Responses to "American Petroleum Institute slams Senate on offshore drilling"
[...] This post was mentioned on Twitter by Bearing Drift, Old Virginia. Old Virginia said: New Blog Post: American Petroleum Institute slams Senate on offshore drilling http://bit.ly/baDtz0 [...]
When are these “green jobs” folks gonna realize that windmills aren’t going to power their huge SUVs.
Green. Green gas guzzlers, maybe.
The greens are “beyond” economic arguments. Sadly every good cause attracts the con artists and the environment is Poster Child A. It is the capitalist US that has made the greatest strides in improving the environment not the left’s icons: the late (not so) great Soviet Union, China, Venezuela and Cuba. The Dems have the example of Spain staring them in the face but they don’t care because they are going to exempt themselves from all the rules placed on everyone else and will loot the Treasury to keep their planes flying and yachts sailing. Happy biking.
Thank God that Al Gore is having “Bimbo Eruptions” or he would be shouting from the rooftop of the White House about the slimy, smarmy energy and “carbon” con he was running….
News flash: The oil industry doesn’t want to pay to clean up the mess they caused.
In other breaking news: The American Dairy Association opposes cheap milk prices, the American Education Association supports teacher raises and the National Rifle Association opposes gun control.
News flash to Mr Vaughan:
Get your share of the 20 billion dollars the oil companies provided to clean up the mess. Also there are many more giveaways coming to a ntown near you courtesy of the Democrat party. Lets get advance reparations for the next oil spill. Also lets celebrate the Obama Administration who did all the safety inspections, then made sure that the oil from the leak made it to shore by refusing to do anything. In addition most of the Interior Dept was filled with BP executives because Obama was the primary recipient of BP campaign dollars. Hooray for our wise and beneficient government!
“Also there are many more giveaways coming to a ntown near you courtesy of the Democrat party”
Well this one sentence has totally destroyed your credibility forever.
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