The natural gas and oil industry faces a number of challenges with new legislation being proposed in Washington. The one area of legislation of highest concern for our industry right now is the current Administration's budget proposal. The legislation poses a threat not only to our business of providing the nation’s energy, but also to you as a royalty owner and energy consumer. In addition, hundreds of small businesses providing essential services to the industry will be materially adversely affected by the legislation.
The budget proposal calls for hundreds of billions of dollars in new taxes and fees on the domestic natural gas and oil industry, which eventually will result in all consumers paying higher energy costs. The proposal also could adversely affect you as a royalty owner because it includes a provision that omits the percentage depletion income tax deduction, which may increase the amount of income tax you pay.
During this time of economic downturn and uncertainty, more taxes are the last thing our nation needs. An increase in taxes will result in less domestic energy production, greater dependence upon foreign sources of energy, loss of jobs and reduction in local, state and federal revenues. We need your assistance in opposing this proposed legislation. Please join us in this effort by informing your elected officials that you oppose the Administration’s budget proposal.
You can help us oppose this legislation by selecting the link below to submit a letter to your Congressman. All you have to do is review the letter, and if you agree with the position, complete the fields and select submit.
We also need your help to voice opposition on the recent climate bill that was passed by the House this summer. The bill, which will result in the same negative results for the industry and consumers as the budget proposal, will go before the Senate and likely will be heavily debated.
We hope that you will join us in this effort to protect our industry and our nation’s energy future. Through a powerful, collective voice, we can combat unnecessary legislation that threatens our future energy supply and, in turn, our livelihoods. Together, we can make a difference.
Please visit this page often for the latest information. You also can find more information on current policy issues at the following Web sites:
American Petroleum Institute
American Royalty Council
API’s Energy Tomorrow