Oklahoma U.S. Sen. James Lankford took another swing this week at the Biden administration over its attack on the oil and gas industry.
This time, he and Wyoming Sen. John Barrasso and other Republican Senators in raising concern to US Treasury Secretary Janet Yellen about targeting the industry with higher production taxes.
“We write with grave concern regarding the Administration’s continued hostility towards American energy production,” wrote the Senators.
Their anger didn’t involve just oil and gas but higher taxes on coal as well in the administration’s General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals (Green Book).
“What is most troubling is that the Administration explicitly acknowledges its intention to chill investment in conventional energy production, stating, “These oil, gas, and coal tax preferences distort markets by encouraging more investment in the fossil fuel sector than would occur under a neutral system. This market distortion is detrimental to long-term energy security and is also inconsistent with the Administration’s policy of supporting a clean energy economy, reducing our reliance on oil and reducing greenhouse gas emissions.”
The Senators detail how the Administration’s proposed $5 trillion in new tax increases will result in lower wages and higher prices for American workers. Their letter specifically highlights how the Biden administration is weaponizing the tax code to stifle US energy production.
As a result, American families and small businesses are faced with higher energy prices and our allies around the world will be forced to turn to our adversaries for their energy needs.
In the letter, the Senators call on the Administration to unleash our abundant American energy resources and stop attacking our energy producers who are ready to provide reliable and affordable energy for the American people.
“It is alarming that the Administration believes utilizing our nation’s abundant natural resources will be detrimental to long-term energy security. Sadly, the Administration would willingly suppress energy production knowing it means fewer jobs and higher prices for the American people. America is fortunate to have abundant energy resources. Our nation needs to be focused on unleashing American energy and innovation instead of throwing away one of our biggest economic and geopolitical advantages.”
Co-signers of this letter include Senators Mike Crapo (R-ID), John Thune (R-SD), John Cornyn (R-TX), Thom Tillis (R-NC), Steve Daines (R-MT), Shelley Moore Capito (R-WV), Marsha Blackburn (R-TN), Jim Risch (R-ID), Kevin Cramer (R-ND), Cindy Hyde-Smith (R-MS), Ted Budd (R-NC), Eric Schmitt (R-MO), Rick Scott (R-FL), Katie Britt (R-AL), Lisa Murkowski (R-AK), Bill Cassidy (R-LA), Dan Sullivan (R-AK), Mike Braun (R-IN), Tim Scott (R-SC), Cynthia Lummis (R-WY), John Kennedy (R-LA), and John Hoeven (R-ND).
Full text of the letter can be found here.
