President Obama doubles down on his
failed energy agenda
Washington — Today, President Obama announced new tax increases as part of his plan to cut the massive budget deficit. Continuing on a common theme of the Obama administration, to increase the cost of producing energy domestically, the President has proposed tax increases on oil and natural gas companies.
In response to the President’s announcement, president of the Institute for Energy Research, Tom Pyle issued the following statement:
“After looking at the President’s relentless attacks on domestic energy production, it’s easy to see why the economy continues to struggle.
The path to economic growth will not be found by increasing discriminatory taxes on oil and gas companies while wasting billions on failing companies like Solyndra, but that’s the President’s plan.
The President’s plan will increase the cost of energy and increase taxes, but decrease economic growth. It is a plan that will impoverish most Americans while enriching politically connected companies. We can ill afford more failed stimulus plans, especially when the plan is to increase the price of energy.
Energy is vital to the economy, but the President’s plan to increase the cost of energy will continue to slow a potential economic growth.”