Home > newsroom > Page
Budget Watch: Higher Taxes, Higher Energy Prices, Fewer Jobs
$39.5 Billion in Tax & Fee Increases on American Energy

WASHINGTON, D.C., February 1, 2010 - Although the President regularly talks about the need for comprehensive energy production, his FY 2011 budget includes nearly $40 billion in direct tax and fee increases on the American oil, natural gas and coal industries. This is in addition to the cap-and-trade National Energy Tax, which would raise $870 billion in revenue based on the CBO estimates of the House-passed version.

Despite what the President may say, these taxes and fees are yet another example of the Administration taking action to block American energy production, increase energy prices and destroy American jobs.

Specific tax and fee proposals include in the President’s budget:

  • Repeal Enhanced Oil Recovery Credit ($0)
  • Repeal Credit for oil and gas produced from Marginal Wells ($0) Repeal Expensing for Intangible Drilling Costs ($7,839 Million)
  • Repeal Deduction for Tertiary Injectants ($67 Million)
  • Repeal Exemption to passive loss limitation for working interests in oil and natural gas properties ($180 Million)
  • Repeal Percentage Depletion for oil and natural gas wells ($10,026 Million)
  • Repeal Domestic Manufacturing Tax Deduction for oil and gas companies ($17,314 Million)
  • Increase Geological and Geophysical amortization period for independent producers to seven years ($1,110 Million)
  • New fee on Onshore oil and gas inspections ($20 Million)
  • Non-producing lease fee ($760 Million)
  • Repeal Expensing of Exploration and Development Costs ($413 Million)
  • Repeal Domestic manufacturing deduction for hard mineral fossil fuels ($57 Million)
  • Repeal Percent Depletion for Hard Mineral Fossil Fuels ($1,062 Million)
  • Royalty Taxation ($751 Million)

# # #

Print version of this document


Contact: Jill Strait (202) 226-2311

Latest News

Bishop: FWS Mimics EPA Tactics in Expansive Critical Habitat Proposal

Today, the U.S. Fish and Wildlife Service and the National Marine Fisheries Service announced the finalization of a new policy for defining and designating critical habitat under the Endangered Specie...... Read more

Committee Advances Bipartisan “National 9/11 Memorial at the World Trade Center Act”

Today, the Committee on Natural Resources passed H.R. 3036 (Rep. Tom MacArthur, R-NJ), the “National 9/11 Memorial at the World Trade Center Act,” legislation designating the National September 11 Mem...... Read more

New York Times: How Free Electricity Helped Dig $9 Billion Hole in Puerto Rico

To understand how Puerto Rico’s power authority has piled up $9 billion in debt, one need only visit this bustling city on the northwest coast. Twenty years ago, it was just another town with dwindlin...... Read more

View All News

Calendar

The Costly Impacts of Predation and Conflicting Federal Statutes on Native and Endangered Fish Species
Subcommittee on Water, Power and Oceans | 1334 Longworth House Office Building, Washington, D.C. 20515
Legislative Hearing on H.R. 87, H.R. 295, H.R. 1621 and H.R. 2817
Subcommittee on Federal Lands | 1324 Longworth House Office Building, Washington, D.C. 20515
The U.S. Department of Treasury's Analysis of the Situation in Puerto Rico
Full Committee | 1324 Longworth House Office Building, Washington, D.C. 20515
View All Events