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 $3.96 per gallon nationwide, liberal U.S. Senator Bob Menendez (D-NJ) – who remains under federal investigation by the U.S. Department of Justice – is attempting to slam New Jersey 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 Menendez’s fellow Democrats admit that his energy tax hikes will “cost thousands of jobs” and “increase our dependency on foreign oil.”

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

“Incredibly, while New Jersey families are struggling with $4-a-gallon gas, Bob Menendez is trying to slam them with new energy taxes,” said National Republican Senatorial Committee (NRSC) spokesman Chris Bond. “Even Menendez’s fellow Democrats admit that his gas tax hikes kill jobs and increase our dependence on foreign oil.”

Background Information: 

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)