why is obama trying to put us out of work read this its a letter written from our senitor kay bailey h.?
Thank you for contacting me regarding the impact of the Administration’s Fiscal Year 2010 (FY10) budget on the nation’s oil and gas industry. I welcome your thoughts and comments.
President Barack Obama’s FY10 budget calls for an increase of more than $30 billion dollars in taxes on the nation’s oil and natural gas producers. The President plans to use proceeds from such a tax increase to help pay for alternative energy projects.
In addition, President Obama plans to strip nine existing incentives for oil and gas refiners. These incentives have been crucial to the industry for years. I believe we still need them as we expand our domestic production of gas and oil in an effort to reduce our dependence on foreign oil. Placing high taxes on the oil industry will not make us energy independent. Instead, we must invest in renewable technologies while increasing our reliance on our own nation’s resources, including our own oil and gas.
The production of oil is an important component of the Texas economy. According to the Texas Comptroller of Public Accounts, in 2008 the oil and gas industry contributed 16.5 percent of Texas' gross state product and employed 367,967 people, or 3.52 percent of the state's nonfarm jobs. Increasing taxes on oil and gas producers could cripple Texas’ economy and workforce. Furthermore, not only would President Obama’s proposal be devastating to Texas and fellow oil producing states, but consumers all across America could see their energy prices skyrocket.
Small producers play an important role in Texas. If President Obama’s tax increases are implemented and incentives taken away, small producers with limited resources could be devastated. According to the Independent Petroleum Association of America, small wells, known as marginal wells, account for about 21 percent of U.S. production, and about 44 percent of those wells are located in Texas.
the bill fy10 budget bill
- Anonymous1 decade agoFavorite Answer
obama is only a puppet for major banks of America they are making us bankrupt. look on youtube.com the obama deception
- 1 decade ago
BO is the socialist plot to kill America and Americans.
- Anonymous1 decade ago
Because he hates America.
- jacksonLv 71 decade ago
People voted him in so now everybody has what they have.
Taxes right and left.
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- SarahLv 71 decade ago
She's a Republican in Texas...were you expecting her to agree with Obama??
- Anonymous1 decade ago
he's a commie.