The American Petroleum Institute, the powerful oil and gas industry trade association, is coming out against an amendment sponsored by Sen. Bill Nelson (D-Fla.)
“„The American Petroleum Institute strongly urges you to oppose the higher-taxes, anti-jobs Nelson amendment to the Small Business Jobs Act (HR 5297) when the Senate takes up that legislation after recess. By repealing the Section 199 tax deduction for certain U.S. oil and natural gas companies, the Nelson amendment would discourage investment in new domestic energy projects by an industry that now supports more than 9.2 million American jobs. That would depress growth in new jobs, reduce oil and natural gas revenues to our government, and increase reliance on foreign sources of energy.