Results tagged “Congress”

In today's episode, I interview Stephen Comstock, API's tax policy manager, about proposals from Congress and the administration that could raise taxes on the oil and natural gas industry. If enacted, these taxes would have a negative impact on the U.S. economy and the industry.

The study states that "as a result of the oil spill, the future costs of drilling and operating in the Gulf will rise considerably" due to the following factors: 

After taking a series of potshots at the American Petroleum Institute in his Sunday column ("Big Oil has it backward," Page D1), Loren Steffy closes with: "We need to proceed cautiously with new drilling and move quickly to draft new regulations that are broad and flexible enough to raise drilling standards without stifling a vital energy source."

These regulators are from the Environmental Protection Agency (EPA), and their goal is to twist and turn the language in the Clean Air Act (CAA) to regulate greenhouse gas emissions (GHGs). It's estimated that six million stationary GHG sources, ranging from large industries to big-box stores, churches, athletic complexes, malls, office buildings and farms, would have to get permits to emit GHGs under the EPA's proposed regulations. And the states, charged with managing the permitting process, will be swamped. Many states say they don't have enough people, time or money to process the applications and issue permits.

The Gulf oil spill illustrates the need to improve our ability to prevent and respond to accidents, and we are working to find lasting solutions. 

Unfortunately, some on Capitol Hill seem determined to use the anxiety created by the spill as an excuse to impose billions of dollars in higher taxes on America's energy companies.

API President and CEO Jack Gerard is testifying today at the House Natural Resources Committee's hearing on the nation's Outer Continental Shelf (OCS) oil and natural gas strategy and the implications of the Deepwater Horizon tragedy.

The response to the Gulf oil spill gained momentum yesterday both in coastal states and in Washington.

In a Senate hearing, Interior Secretary Ken Salazar warned that raising the trust fund's liability cap from $75 million to $10 billion would prevent smaller and mid-sized energy companies from operating offshore, while Majority Leader Sen. Harry Reid (D-Nev.) argued for a bill that would lift the cap entirely.

The response to the Deepwater Horizon accident reached a new level yesterday as activities in Washington and along the Gulf Coast continued to expand.

On Capitol Hill, hearings resumed as lawmakers sought information about the administration's spill response as well as its handling of offshore energy development. And yesterday, a top-ranking official of the Minerals Management Service (MMS) resigned. According to reports, he already was planning to retire at the end of June.

Officials from BP, Transocean and Halliburton are on Capitol Hill today testifying about the Deepwater Horizon tragedy.

Saying it's inappropriate to speculate on the cause of the accident before the investigation is complete, BP America President and Chairman Lamar McKay outlined the company's ongoing efforts to cap the well at the Senate Energy and Natural Resources Committee hearing this morning.

Nearly 70 U.S. oil and natural gas workers are on Capitol Hill this week to talk with policymakers about energy.

They include geologists, petroleum engineers, landmen, rig workers and others from 15 states, who are meeting with their elected representatives to explain how a strong oil and natural gas industry can contribute to the U.S. economy and create jobs.

As we've mentioned before on this blog, API has built an expanded social media presence on platforms including Twitter, YouTube, Facebook and Flickr.

Recently, API launched a Facebook application that allows people to communicate about energy issues that matter to them directly with members of Congress.

There's more talk of the Environmental Protection Agency's (EPA) endangerment finding and the agency's related efforts to regulate greenhouse gas (GHG) emissions in a Forbes article authored by Brian Wingfield.

The endangerment finding essentially means that either Congress must pass a climate bill, or the administration will control GHGs without input from those who've been elected to represent the American people.

At least two states are objecting to the Environmental Protection Agency's (EPA) endangerment finding. As reported earlier this week, this finding paves the way for EPA regulators to restrict carbon dioxide emissions in the United States.

As we've discussed on this blog, America's oil and natural gas industry supports more than 9 million jobs in every U.S. state--and one of them may be yours.

To see the industry's jobs impact in your state, explore API's new interactive map.

On Tuesday, yet another voice spoke out against the proposed climate legislation under consideration in Congress. This time it was Margo Thorning, senior vice president and chief economist at the American Council for Capital Formation (ACCF), speaking before the Senate Finance Committee.

The ongoing debate over the Kerry-Boxer climate bill has tended to focus primarily on two issues: the bill's potential costs and its proposed environmental benefits. But there are at least two other critically important items that have not been addressed adequately by the bill's sponsors. Both were mentioned briefly at yesterday's hearing before the Senate Environment and Public Works Committee hearing.

One of America's largest refiners told a Senate panel yesterday that climate legislation could force his company to shutter some U.S. refineries. Bill Kleese, president and CEO of Valero Energy Corp. (not a member of API) made his comments during the second day of the Senate Environment and Public Works Committee hearings on the Kerry-Boxer bill which proposes to reduce greenhouse gas emissions by 20 percent in 2020. The Kerry-Boxer bill would likely reduce U.S. refining jobs because refiners would be forced to pay billions of dollars for carbon credits.

In the first of a series of Senate hearings about the Kerry-Boxer climate bill today, Senate Finance Committee Chairman Max Baucus (D-Mt.) said he has "serious reservations" about the bill's "overall direction."

Speaking at today's Senate Environment and Public Works Committee hearing, Baucus encouraged Sen. Barbara Boxer (D-Calif.) to compromise with Republican members of the committee, who have expressed strong opposition to the bill. As Politico reported today, Republicans "see the legislation...as a nonstarter."

Members of the Oil and Natural Gas Industry Labor-Management Committee, which includes API along with fifteen labor unions, have written to senior members of Congress encouraging them to support tax policies that will protect and encourage the development of quality U.S. jobs, while at the same time fortifying our nation's energy and economic security.

More voices are speaking out against the climate legislation being considered on Capitol Hill. Here's a sampling of some of the statements and studies that have been in the news during the past couple of days.