American Petroleum Institute Says Tax Increases Will Not Improve Economy

During a joint press briefing this morning, Johnson disproved the argument that raising taxes on the U.S. oil and natural gas industry would help the American economy.

"More taxes would do nothing to lower prices. They would not affect the global economics underpinning oil supply and demand, which explain today's gas prices," Johnson said. "They would, however, hurt the economy by reducing energy investment and the new jobs that would flow from that investment.

"Proponents of tax increases need to get serious about American jobs and American investment. Oil and natural gas companies can do much more to help, but the right policies are needed to facilitate this. Increasing taxes is not the answer."

Attached is a full text of the statement, as prepared for delivery. For a more detailed explanation why oil and gas tax treatments are not unique or "subsidies," click here.

API represents more than 470 oil and natural gas companies, leaders of a technology-driven industry that supplies most of America's energy, supports 9.2 million U.S. jobs and 7.7 percent of the U.S. economy, delivers more than $85 million in revenue to our government every day, and, since 2000, has invested over $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.