Non-Partisan Congressional Research Service Reports Tax Hikes “Would Make Oil And Natural Gas More Expensive,” While Even Dems Admit “It Would Cost Thousands Of Jobs”

With gas prices at an average of $3.96 per gallon nationwide, liberal U.S. Senator Debbie Stabenow (D-MI) and President Barack Obama are attempting to slam Michigan families and job creators with new energy tax hikes that the non-partisan Congressional Research Service (CRS) reports “would make oil and natural gas more expensive for U.S. consumers and likely increase foreign dependence.” 

As The Hill reports, “Democratic plans to end tax incentives and royalty waivers are piling up on Capitol Hill as the party tries to avoid political fallout from high gas prices and counter GOP calls to greatly widen offshore drilling.” But even some of Stabenow’s fellow Democrats admit that her tax hikes will “cost thousands of jobs” and “increase our dependency on foreign oil.”

Notably, Stabenow’s energy tax hike proposal comes on the heels of reports last week that President Obama and the Democrats are proposing a new mileage tax on each and every driver in America.

“Incredibly, while Michiganders are struggling with $4-a-gallon gas, Debbie Stabenow and President Obama are trying to slam them with new energy taxes,” said National Republican Senatorial Committee (NRSC) spokesman Jahan Wilcox. “Even Stabenow’s fellow Democrats admit President Obama’s gas tax hikes kill jobs and increase our dependence on foreign oil.”

Background Information:

In 2006, Stabenow Sponsored Legislation To Repeal $5 Billion In Tax Breaks For Oil Companies. “This week, Stabenow will introduce the Oil Company Accountability Act. The bill would repeal $5 billion in tax breaks for oil companies and give an immediate $500 tax rebate to families to offset high energy costs. Families earning up to $119,950 would be eligible for the one-time tax rebate.” (Senator Debbie Stabenow, “Sen. Stabenow Targets Out Of Control Gas Prices,” Press Release, 4/24/06)

Stabenow: “Gasoline Is Not A Luxury For Michigan Families – It Is A Necessity. … It Is Outrageous That Oil Companies Rake In Billions In Profits Each Year While Families Pay $40 Or More Every Time They Fill Up The Gas Tank. We Need To Make Sure That We Stop Rewarding The Oil Companies And Get Some Relief To Taxpayers Who Are Feeling The Pain Of High Gas Prices.” (Senator Debbie Stabenow, “Sen. Stabenow Targets Out Of Control Gas Prices,” Press Release, 4/24/06)

CRS: Tax changes outlined in the President’s budget proposal “would make oil and natural gas more expensive for U.S. consumers and likely increase foreign dependence.” (“Oil And Natural Gas Industry Tax Issues In The FY2012 Budget Proposal,” Congressional Research Service, 3/3/11)

SEN. MARY LANDRIEU (D-LA): “The administration has put forward draconian taxes on the oil and gas industry… It seems very contrary to our stated goal of being more energy sufficient in the United States. Taxing this domestic industry will instead cut jobs and increase our dependency on foreign oil. So I want you to deliver that message again to the Administration. We have bipartisan opposition to increasing taxes on this industry.” (Sen. Landrieu, Press Release, 3/3/10)

SEN. MARK BEGICH (D-AK): “The president’s call for eliminating incentives for oil and gas production is a non-starter and could hurt Alaska’s energy industry.” (Sen. Begich, Newsletter, 2/10/11)

· BEGICH: “[The President’s proposal] would cost thousands of jobs in Alaska and across the country. Energy companies are among the businesses investing and creating jobs at a time when our country needs both. I will fight any measure that ends these incentives.” (“Oil And Gas: Tax Break Debate Heats Up On Capitol Hill,” E&E News PM, 2/8/11)