Energy Taxes

The current Federal budget contains $80 billion in tax increases on the oil and gas industry over the next 10 years, beginning in 2011.  These estimates do not include the potential addition of hundreds of billions in tax increases and costs to the industry that would result from passage of the Waxman-Markey climate change legislation.

Congress may begin to consider legislation to implement these budgeted tax proposals later this summer or fall.  It is important that we continue to let Congress know that increased taxes on the energy industry and domestic oil and gas production will mean continued dependence on foreign oil, higher prices, and lost jobs in the U.S.

Energy Taxes and Marathon - What's at Stake

Total Estimated Industry Impact:

 
For more information about the 2010 federal budget proposal please follow below links: 

• IPAA 'New Natural Gas and Oil Taxes Would Crush America's Clean Energy and Energy Security' 
• IPAA 'Obama Energy Budget Punishes American Energy Production' 
• NPRA 'Cautions Elements of the Proposed FY2010 Budget Would Impede Path to Recovery' 
• NGSA 'Proposed Federal Budget Plan Will Raise Natural Gas Prices & Hurt American Manufacturers'