API: New oil, gas taxes would hurt economy

02/3/2009 | Oil & Gas Journal

A study commissioned by the American Petroleum Institute indicates that a windfall-profits tax proposed last year by Congress would eliminate hundreds of thousands of jobs, hinder economic growth and make the country even more dependent on foreign oil. API chief economist John Felmy said industry leaders hope Capitol Hill does not attempt to pass new oil and gas taxes this year. "We continue to see posts and calls for taxes on the industry, however, and this study was designed to show what the negative implications would be," he said.

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