Inhofe Says President's Plan Devastating for Jobs and Economy
Washington, D.C.-Senator James Inhofe (R-Okla.), Ranking Member of the Senate Committee on Environment and Public Works, responded to President Obama's proposal to impose higher taxes on oil and gas companies to pay for his stimulus plan, which he laid out in today's speech.
"President Obama is still determined to wage his needless war on American energy jobs by increasing taxes on oil and gas development - an agenda that would be devastating for Oklahoma and the nation, and undermine our energy security," Senator Inhofe said.
"His tax proposal is nothing new: it mirrors the Sanders amendment (SA. 4318) to the Tax Extenders Bill, which was rejected last Congress by overwhelming bipartisan opposition (35 to 61) at a time when Democrats had their largest majority in over 30 years. Both sides of the aisle recognized that such tax increases would only raise gas prices, destroy thousands of American oil and gas jobs, and make the United States even more dependent on foreign oil.
"The United States has the largest recoverable resources of oil, gas, and coal of any country in the world. Unleashing these resources will improve our energy security and give our economy a much-needed boost, while Obama's tax increases will do just the opposite. When will President Obama realize that his tax and spend policies have failed and finally allow American energy development lead us on the road to recovery?"