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Increased Taxation on American Oil and Gas Companies Could Threaten the Nation's Energy Security
Fully produced report in MP3 format:
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96 kbps
(95 seconds)
-- How Will You Use This Story? --
(OPEN):
LEADERS IN THE HOUSE OF REPRESENTATIVES HAVE RE-INTRODUCED AN 18-BILLION-DOLLAR
TAX HIKE ON AMERICAN OIL AND GAS COMPANIES--WHICH COULD PROVE COSTLY FOR
CONSUMERS. MEANWHILE, IN VENEZUELA, "ULTRA-RADICAL" HEAD OF STATE,
HUGO CHAVEZ, IS THREATENING TO SHUT DOWN OIL EXPORTS TO THE UNITED
STATES. JACK RAFUSE ["RAY-FUSE"]--AN ENERGY EXPERT
AFFILIATED WITH THE INSTITUTE FOR ENERGY RESEARCH--EXPLAINS
WHY INCREASED TAXATION ON ENERGY COMPANIES COULD THREATEN OUR ENERGY
SECURITY...
(RAFUSE):
"OUR ENERGY SECURITY'S COMING UNDER ATTACK FROM TWO
FRONTS--ONE IN VENEZUELA, AND ONE IN WASHINGTON. THE LEGISLATION
INTRODUCED IN THE HOUSE OF REPRESENTATIVES INCLUDES A MASSIVE TAX ON
FOREIGN OIL AND GAS INCOME--WHICH WOULD BE PAID ENTIRELY BY AMERICAN
COMPANIES. FOREIGN-OWNED OR GOVERNMENT-RUN COMPANIES--LIKE
VENEZUELA'S CITGO--WOULD BE EXEMPT FROM THESE TAXES, AND WOULD
CONTINUE TO OPERATE WITHOUT THE BILLIONS IN ADDED COSTS."
(BRIDGE):
RAFUSE BELIEVES THAT INCREASING TAXES ON DOMESTIC ENERGY COMPANIES
WILL CLOSE OFF VALUABLE SUPPLIES, AND DRIVE GASOLINE PRICES HIGHER FOR
AMERICAN CONSUMERS...
(RAFUSE):
"MANY OF OUR DOMESTIC ENERGY FIRMS MUST OPERATE IN
HOSTILE ENVIRONMENTS--SUCH AS VENEZUELA--IN ORDER TO CONTINUE TO PROVIDE
CONSUMERS WITH A STEADY ENERGY SUPPLY. WHAT'S UNCLEAR IS WHY MANY
U-S LAWMAKERS TOUTING ENERGY SECURITY ARE ALSO ASKING FOR OUR LARGEST
PRODUCERS OF DOMESTIC ENERGY TO BE SLAMMED WITH A DOUBLE-TAX ON THEIR
PRODUCTION--WHILE EXEMPTING FOREIGN NATIONAL COMPANIES FROM THE SAME
TREATMENT. HOPEFULLY, CONGRESS WILL DO WHAT'S BEST FOR AMERICAN
CONSUMERS--AND NOT FOR THE VENEZUELAN GOVERNMENT."
(CLOSE):
LOOK FOR THIS TO BE AN IMPORTANT ISSUE, AS THE CAMPAIGN SEASON CONTINUES.
