Aren’t Fuel Prices High Enough?

by Grover Norquist, Americans for Tax Reform Taxpayer Protection Pledge) would stifle investment, and the domestic energy it produces. One chief target of the left is the destruction of Section 199 of the tax code, which would chase away capital now being invested here at home by America's oil and natural gas producers. The right way to promote the use of alternative energy is not limiting access to new domestic energy sources of oil and natural gas, or imposing new taxes on the U.S. oil and gas industry. Such an approach will not help supply stable and affordable energy to satisfy the demands of American families, especially at a time when Americans are already struggling in today's economic slowdown. What it will do is help push the economy over the precipice into deep recession by driving up the costs of driving our cars, heating our homes and creating jobs.

In addition, raising taxes on domestic energy makes U.S. oil and natural gas exploration projects less competitive globally, discouraging new U.S. production and increasing our reliance on imported oil. As if that weren't damaging enough, almost all large oil and gas companies are publicly-traded entities, whose shares are owned by millions of investors through their 401(k) plans, IRAs and pension funds. Taxing away the retirement earnings of these millions of Americans won't help anyone except the taxman. Take Action Now: Tell your member of Congress to oppose energy tax hikes!

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