Congressman Fleming to House of Representatives - Energy Means Jobs

Congressman Fleming to House of Representatives - Energy Means Jobs

Congressman John Fleming spoke on the floor of the House of Representatives this morning to stress the danger of the loss of the depletion allowance included in the Administration's 2010 budget proposal. The removal of these tax incentives will have major, negative consequences for oil and gas business owners in Northwest Louisiana and lead to a loss of jobs, a rise in imports, price spikes at the pump and an increased threat to our national security.

The entire text is included below or the speech can viewed through the following link http://www.youtube.com/watch?v=6tioNKJ1xhk

Mr. Speaker,

In Northwest Louisiana, energy means jobs.

However, the President's recent budget proposal will eliminate more than $31.5 billion in tax incentives for oil and gas businesses, the vast majority of which are "mom and pop" businesses.

The loss of the depletion allowance and the write off of intangible drilling costs will effectively shut down all future drilling for the majority of wells drilled in the continental U.S.

In a business that is so risky, what's the incentive now to take a risk?

It is the "wildcat driller's" rugged individualism that has made this industry what it is today----keeping our gas prices and the cost of heating our homes as low as it is today. It could be much higher!

Independent oil men and women in Northwest Louisiana rely on drilling tax incentives to reinvest capital in their companies and hire employees at good salaries.

This legislation will drastically hurt small oil and gas business owners in my district and result in major layoffs of personnel.

Less domestic production means more imports, price spikes for consumers at the pump, and an increased threat to our national security.

Let's take this dangerous anti-jobs and anti-consumer provision out of the budget bill TODAY!

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