Energy Means Jobs

Floor Speech

ENERGY MEANS JOBS -- (House of Representatives - March 06, 2009)

(Mr. FLEMING asked and was given permission to address the House for 1 minute.)

Mr. FLEMING. Madam 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 depletion allowance and the writeoff of intangible drilling costs will effectively shut down all future drilling for the majority of wells drilled in the continental United States. In a business that is so risky, what is 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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