The oil industry is railing against a plan by President Obama to spend billions of dollars on new transportation infrastructure because the $50 billion proposal will be paid for with an increase in taxes on the oil and natural gas industry.
In a statement, Independent Petroleum Association of America Chairman Bruce Vincent says the tax hike on the industry will kill jobs. According to Vincent:
With the nation’s unemployment rate on the rise, moving closer toward double-digit figures, and America’s dependence on unstable regions of the world to fuel our economy growing by the day, it’s unfortunate that the president still doesn’t recognize that billions of dollars in higher taxes on America’s independent oil and natural gas producers, who drill 90 percent of the nation’s wells, is not a jobs plan — it’s a job-killer.
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