To the Editor:
While government agencies seek new ways to boost the economy and create jobs, one industry is just waiting for government support in order to invest billions of private dollars into the economy. I’m talking about the energy industry – the one that has led the way in job creation and investment since the recent Great Recession.
America’s energy companies are waiting on pipeline approvals so they can more safely carry oil and natural gas to processing centers. Building those pipelines will create tens of thousands of jobs. Oil companies are waiting for the federal government to lift the 40-year ban on crude oil exports, while our allies around the world are waiting to pay us to buy our crude oil.
Yet as Washington leaders are delaying these decisions, the Administration is pushing efforts to raise taxes on these very energy companies.
Raising energy taxes is a bad idea for at least two reasons. First, it punishes an industry that already is suffering under a higher tax rate than other industries. Second, higher energy taxes would mean higher costs for gasoline, heating oil, electricity, food and goods that must be transported, etc. These price increases would hit every American family, and those on fixed incomes would suffer the most.
Washington: Don’t just target one industry. Instead fight for comprehensive tax reform that will help the economy and support job creation.