Obama’s Proposed Oil and Gas Tax Hikes to Cost U.S. Economy 154,000 Jobs in 2011

White House’s new ‘stimulus’ plans would trigger loss of $341 billion in economic activity

The American Energy Alliance (AEA) released a study yesterday from Dr. Joseph R. Mason, Louisiana State University Endowed Chair of Banking and nationally-renowned economist, which estimates that President Obama’s proposed energy tax changes would trigger grave economic consequences.

• Initial losses of over 154,000 jobs by the end of 2011, not only in the energy sector but across the whole economy;
• More than $341 billion in lost U.S. economic output; and
• In excess of $68 billion in lost wages nationwide.

Read the full study here (PDF) “Regional and National Economic Impact of Repealing the Section 199 Tax Deduction and Dual-capacity Tax Credit for Oil and Gas Producers.”