President Biden and his allies in Congress are proposing higher taxes on America’s natural gas and oil producers. Higher taxes would jeopardize American jobs and could lead to higher energy bills for struggling families and small businesses. The last thing politicians in Washington should do right now is make it more costly to operate an industry that produces the majority of power for a country struggling to recover from a pandemic.
Americas’ natural gas and oil businesses are an economic powerhouse that:
- Supported more than 11.3 million jobs, or 5.6% of total U.S. employment, in 2019.
- Supported nearly $1.7 trillion to U.S. GDP in 2019.
- Saved American households an estimated $203 billion annually, or $2,500 for a family of four, thanks to increased U.S. energy production helping to lower energy prices.
Not only could these proposed tax increases put those economic benefits at risk, it could also jeopardize America’s energy security as energy production shifts overseas to unstable regions or hostile foreign countries.
Sign The Petition: Tell President Biden that it’s a bad idea, and an even worse time, to raise taxes on the businesses fueling America’s economic recovery from a global pandemic