WASHINGTON DC – American Petroleum Institute (API) President and CEO Mike Sommers issued the following statement on the passage of the Inflation Reduction Act by the United States House of Representatives:
“While the Cut Inflation Act takes significant steps toward new oil and gas leases and investments in carbon capture and storage, it falls far short of meeting the long-term energy needs of the United States. and further discourages needed investment in oil and gas.API shares the goal of fighting climate change, as evidenced by the policies we support and the actions our industry takes every day.However, the dramatic increases in Taxes are simply the wrong policies at the wrong time. From a new minimum corporate tax to an $11.7 billion tax on crude oil and petroleum products to a new tax on natural gas, this legislation imposes additional costs on American families and businesses at a time when policymakers should be looking for solutions to relieve them.
“The bill also does not address permit reform, which is essential to efficiently deliver affordable and reliable energy to consumers in a growing economy.
“Without a comprehensive plan for critical investments in American oil and natural gas and associated infrastructure, which provide nearly 70% of our nation’s energy needs, the American people will continue to bear the brunt of Washington’s short-sighted policies. .”