Top Industry Policy Issues
With many lawmakers and pundits calling for an overhaul of our domestic and corporate tax code to make the U.S. more competitive, the U.S. oil and natural gas industry is part of that conversation. Continue on to read more about our tax reform principles.
It’s out there; the myth that America’s oil and natural gas industry receives federal subsidies. Subsidies are cash outlays from the U.S. Treasury, and the oil and natural gas industry doesn’t get them. Legitimate tax treatments used by oil and natural gas companies – similar to those used by other business sectors – regularly come under attack by those pushing for higher taxes on energy companies.
On May 18, 2016, the Environmental Protection Agency (“EPA”) released its Proposed Renewable Fuel Standards for 2017 and the Biomass Based Diesel Volume for 2018. As policymakers and the public consider this proposal, it is important to provide an overview of current Renewable Fuel Policy and a roadmap for fundamental policy change. Renewable Fuels have been mandated under federal law for over a decade, and our current renewable fuels policy is outdated, and ineffective. Government fuel blending requirements are constraining free market forces, supporting uneconomic activity, and limiting consumer choice.
The Energy Independence and Security Act of 2007 included an expanded Renewable Fuel Standard, which the EPA used to develop a final rule effective July 1, 2010. To comply with the Standard, biofuel producers and importers must blend increasing amounts of biofuels into gasoline and diesel.
The United States is the world's leading producer of oil and natural gas, and as a result of greater use of clean-burning natural gas and cleaner, more efficient fuels, we are also a world leader in reducing carbon emissions and other air pollutants.
Our nation’s economy continues to improve while America has become a world leader in energy production and in the reduction of greenhouse gas emissions, achievements long thought to be mutually exclusive. America’s 21st century energy revolution is the result of industry-led innovations and entrepreneurial spirit, not government regulation and mandates. America’s brighter energy reality benefits consumers and our economy by providing abundant, affordable and reliable energy and a cleaner environment. To continue America’s positive energy, economic and environmental progress, we need to get our nation’s energy policy right today.
Today, America is a global energy leader. A fundamental reordering of the world’s energy markets has elevated the importance of North American energy production and reduced what had been the once-dominant roles of OPEC and Russia on the world energy stage. The energy policy decisions we make today will either keep us on the road to years of American energy leadership or reverse course back to an era of energy scarcity, uncertainty and dependence.
A vast opportunity exists for the oil and natural gas industry to attract, retain, and develop lifelong careers for veterans in the industry. Veterans come to the civilian workforce with extensive technical and nontechnical skills gained through military experience and training. Many of these skills have direct applicability to the oil and gas industry, making them ideal candidates to fill the projected 1.3 million job opportunities available in the oil and natural gas industry.