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Upcoming Congressional Hearings May Serve as an Excuse to Blame Domestic Energy Producers for High Prices
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(OPEN):
CONGRESSMAN ED MARKEY--THE CHAIRMAN OF THE HOUSE
SELECT COMMITTEE ON ENERGY INDEPENDENCE AND GLOBAL WARMING--HAS
ANNOUNCED THAT HE WILL BRING IN THE C-E-O'S OF THE FIVE BIGGEST OIL
COMPANIES, TO APPEAR BEFORE THE COMMITTEE, IN EARLY APRIL--AS CONGRESS
RETURNS FROM ITS SPRING RECESS. WITH OIL AND GASOLINE PRICES
RISING, MARKEY IS LOOKING TO PLACE THE BLAME ON DOMESTIC ENERGY
PRODUCERS--AND TO RENEW CALLS FOR HUGE NEW TAXES ON THESE COMPANIES.
PETE SEPP--AN EXPERT WITH THE NATIONAL TAXPAYERS UNION--EXPLAINS
WHY INCREASED TAXATION ON ENERGY COMPANIES COULD THREATEN AMERICA'S
ENERGY SECURITY...
(SEPP):
"THE MOTIVES BEHIND THE MARKEY HEARING ARE NAKEDLY
POLITICAL--AND ARE DESIGNED TO DIVERT THE PUBLIC'S ATTENTION FROM
CONGRESS'S FAILURE TO MAKE SOUND ENERGY POLICY. OF COURSE, IT'S
TRUE THAT ENERGY PRICES ARE HIGH--AND, AS A RESULT, MILLIONS OF
WORKERS AND SHAREHOLDERS IN OIL, GAS, AND COAL COMPANIES ARE BENEFITING.
BUT, IMPOSING EXCESSIVE TAXES ON OUR OWN COMPANIES--LIKE THE HOUSE OF
REPRESENTATIVES RECENTLY APPROVED--WILL HINDER OUR ABILITY TO COMPETE
WITH FOREIGN FIRMS THAT ARE PAYING LOWER TAXES AND KEEPING A GREATER
PORTION OF THEIR GROSS INCOME. THAT MEANS OUR OWN ECONOMY WILL
SUFFER--WHILE COMPANIES ABROAD, MANY OF THEM IN HOSTILE COUNTRIES, REAP
THE REWARDS. HOW IN THE WORLD DOES THIS KIND OF MISGUIDED POLICY
HELP AMERICANS?"
(BRIDGE):
SEPP BELIEVES THAT INCREASING TAXES ON DOMESTIC ENERGY COMPANIES WILL
SHUT OFF ACCESS TO VALUABLE OIL SUPPLIES--DRIVING CONSUMER GASOLINE
PRICES HIGHER, AND DAMAGING THE AMERICAN ECONOMY...
(SEPP):
"CONGRESS HAS ALSO SUGGESTED THE REPEAL OF A
MANUFACTURING DEDUCTION CURRENTLY GRANTED TO ENERGY PRODUCERS FOR THE
EXTRACTION AND REFINING OF OIL--EVEN THOUGH MANUFACTURERS IN OTHER
INDUSTRIES WOULD CONTINUE TO QUALIFY FOR THIS VERY SAME DEDUCTION.
CONGRESSMAN MARKEY'S SHOW-TRIAL IS AIMED AT CONVICTING ENERGY COMPANIES
ON FALSE CHARGES--WITHOUT A SHRED OF EVIDENCE. UNFORTUNATELY, IF
THIS KANGAROO-COURT IS ALLOWED TO PUNISH OUR ENERGY INDUSTRY, AMERICAN
CONSUMERS, WORKERS, AND INVESTORS WILL BE THE ONES PAYING THE PENALTY."
(CLOSE):
FOR MORE INFORMATION, PLEASE VISIT
W-W-W-DOT-"N-T-U"-DOT-ORG.
