Lifting tax breaks for the production costs of oil and natural gas and insubstantial drilling expenses would hamper long-term gas development and damage oil-output gains, according to a study commissioned by the American Petroleum Institute. "The study illustrates a fundamental rule of economics: Tax something more, get less of it," said API President and CEO Jack Gerard. "But far more important than the lost production is the loss of thousands of jobs that would follow. Advocates of higher taxes should understand who would really be hurt."

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