API: U.S. benefits from industry's profits

04/25/2012 | FuelFix.com

The American Petroleum Institute is working to quiet calls to raise taxes on the oil and natural gas industry as several firms post large first-quarter earnings. "When our companies perform well financially, they invest more, hire more and pay huge amounts in taxes to our government," said John Felmy, API's chief economist. Eliminating key tax incentives for oil and gas firms would discourage investment, damage domestic energy development and increase fuel prices further, according to the industry and its allies in Congress.

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