4/1/2009

President Barack Obama's plan to increase taxes on the U.S. oil and gas industry by more than $80 billion over the next 10 years would result in higher energy prices for consumers and restrict drilling activity, says Larry Nichols, chairman of the American Petroleum Institute and head of Devon Energy. Nichols says the taxes would cut into oil and gas companies' cash flow, costing the industry more than $84 billion.

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