Congressman Fleming Becomes Original Cosponsor of the "End the Assault on America's Energy Independence" Resolution

Press Release

Congressman John Fleming joined Congressman Todd Tiahart of Colorado today as an original co-sponsor of the "End the Assault on America's Energy Independence" Resolution. The resolution encourages the production of more energy that uses America's natural resources and our American workforce and expresses that the Obama administration and Congress should end the assault on America's energy independence by leaving in place domestic energy tax incentives.

President Obama's FY 2010 budget proposes eliminating energy production incentives that have been in place since the early 1900s, the abolition of which will result in America becoming more dependent on foreign sources of oil. Removal of economic incentives for America's energy producers will effectively raise costs on employers, keeping them from hiring additional workers and force jobs outside our economy. America deserves a comprehensive energy plan that opens up our domestic resources, incentivizes the discovery of renewable technologies and encourages conservation and leads to American energy independence.

"The administration's budget will strip the economic incentives that provide the investment capital that is needed to explore and produce oil and gas for our country," said Congressman Fleming. "Without these incentives, exploration and production of oil and natural gas will drastically decline, trillions of dollars will be lost, tens of thousands of jobs will be lost and our nation's energy security will be severally threatened. "
The resolution calls for $30 billion in tax incentives to remain in place for independent oil and gas producers to continue energy production and maximize the potential of sources such as the Haynesville Shale. These incentives include:
• Intangible Drilling and Development Costs (IDC) tax deduction
• Percentage Depletion (PD) tax incentive
• Marginal Well Tax Credit
• Enhanced Oil Recovery Tax Credit
• Geological and Geophysical Amortization
• Manufacturing Tax Deduction
• Excise Tax on Gulf of Mexico Production

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