energyandtaxes.org - API | Taxes, Energy and the Economy

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Description: America's oil and natural gas industry supports 9.8 million U.S. jobs and 8 percent of the U.S. economy.. Our industry provides higher-than-average wages and helps ensure our nation’s energy security. In the process, the industry generates tax revenues from operations and sales of products that contribute billions every year to federal, state and local governments.

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Home News, Policy & Issues Taxes Taxes, Energy and the Economy As this new Administration and Congress recently reformed the US tax code, the oil and natural gas industry is poised now more than ever to continue investing billions into our nation’s economy, contributing to our economic output, securing our energy future and supporting over 10 million new jobs – all in a safe and reliable manner.  a new administration and Congress settle in, policymakers should resist whatever inclination there might be to r

However some politicians still want to enact targeted and punitive tax measures on our industry; this is a false choice. For starters, the overwhelming majority of U.S. voters think it’s a bad idea. Harris Poll surveyed actual voters on election night , asking whether they support or oppose higher taxes that could negatively impact domestic energy investment and development – 72% opposed.  In a world where partisanship is growing, opposition to higher energy taxes is consistent across the political spectrum

Most Americans probably recognize that energy tax policy can have as much impact on U.S. energy security as other factors, such as access to reserves and the regulatory environment. They may not know that our industry already contributes about $70 million a day on average to the federal government in taxes, rents and royalties. From 2011 to 2015, oil and natural gas income tax expenses (as a share of net income before income taxes) averaged 37 percent, compared to 25.8 percent for other S&P Industrial compa

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