U.S. Chamber Commends Senate Rejection of Legislation to Raise Taxes on Oil and Gas Industry

WASHINGTON, D.C.—U.S. Chamber of Commerce Executive Vice President for Government Affairs, Bruce Josten, issued the following statement today following the Senate’s cloture vote on S. 940, a bill to impose punitive tax hikes on the oil and gas industry:

“Raising taxes on oil companies would end up ultimately hitting consumers’ wallets, and the Senate was right to reject this bill. Levying punitive new taxes and fees on America’s oil and gas industry would increase U.S. dependence on foreign oil, increase costs to consumers, jeopardize U.S. jobs, and erode economic competitiveness.

“Instead of targeting specific industries to offset or pay for Congress’ inability to affect sound fiscal policy, Congress should be focusing on solutions that will lead to a more secure energy future. This includes increasing domestic energy production.”

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.