Stop Obama's Tax Increases on Oil and Gas Industry

President Obama released his FY 2010 Budget, entitled A New Era of Responsibility Renewing America’s Promise. The budget provides for a $30 plus billion_dollar tax increase on the nation’s oil and natural gas producers, designed to help pay for alternative energy projects.

In the proposed budget, President Obama strips from the oil and gas industry incentives that have been the “holy grail” of the industry for years, incentives that are critical in a high_risk investment industry.

Our nation’s oil and gas industry is made up of both major integrated oil companies and of several thousand independent oil and natural gas producers. Your plan will affect all American oil and gas companies that drill and produce oil and natural gas produced in the United States.

President Obama’s budget proposals will strip from the American independent oil and gas producer the economic incentives that provide the investment capital that is needed to explore and produce oil and gas for our country.

Without the economic investment incentives, exploration and production of oil and natural gas, as we know it, will drastically decline. Trillions of dollars will be lost, tens of thousands of jobs will be lost and our nation’s energy security will be severely threatened.

By signing this petition, you ask Congress to refuse to repeal the current incentives or to place new taxes and fees on the Oil and Gas Industry, as proposed by President Obama.

You want our Congress to know that passing the President’s proposed budget will increase the cost of energy for our country, cost America thousands of jobs and will threaten the security of the United States.