Lower Energy Costs Act

Floor Speech

BREAK IN TRANSCRIPT

Mr. HERN. Mr. Chairman, I rise to speak on my amendment.

BREAK IN TRANSCRIPT

Mr. HERN. Mr. Chairman, President Biden and congressional Democrats continue their attacks on traditional energy with proposed tax hikes that will kill jobs, raise fuel prices, and leave America more dependent on foreign oil.

This administration's proposed oil and natural gas tax hikes are harmful to our economy. The oil and natural gas industry accounts for 10.3 million jobs and is nearly 8 percent of our Nation's GDP.

This amendment shows it is the sense of Congress that we disapprove of this administration's proposed harmful tax hikes on the oil and gas industry.

My colleagues on the other side of the aisle seem to be simultaneously concerned about high prices at the pump while aggressively pursuing an agenda designed to entirely phase out oil and gas from domestic energy production. The audio simply doesn't match the video.

Uncertainty surrounding energy policy decisions in D.C. is causing oil and natural gas producers to make decisions based on unfavorable policies that haven't passed yet.

Repealing the immediate deduction of intangible drilling cost would cost 265,000 jobs. For every job lost in the oil and gas sector by repealing IDCs, two-and-one-half times as many indirect jobs are lost.

The percentage depletion deduction is the small business deduction for the smaller producers of oil and gas. Eliminating percentage depletion would force many family-owned small businesses to lay off employees or, worse, shut down operations altogether.

I am proud to support H.R. 1 to restore American energy independence.

BREAK IN TRANSCRIPT

Mr. HERN. Mr. Chairman, I yield 2 minutes to the gentleman from North Dakota (Mr. Armstrong).

BREAK IN TRANSCRIPT

Mr. HERN. Mr. Chairman, I yield back the balance of my time.

BREAK IN TRANSCRIPT

Source