Washington, DC - “At a time when energy costs are straining family budgets already, raising gas prices by raising taxes is the wrong thing to do,” said Congressman Mac Thornberry.  “Raising taxes on energy will inevitably show up in the family budget as higher food prices, higher transportation costs and fewer dollars to invest in the local economy.”

“Everyone understands supply and demand, and adding taxes to something simply makes it more expensive to produce.  Rather than taxing domestic energy production, as today’s bill (H.R. 5351) does, my approach is to increase the supply of all forms of energy produced right here at home.  Growing our domestic energy production will reduce our dependence on unreliable foreign sources of energy, create American jobs, and grow our economy,” noted Thornberry.  “The Democratic majority’s approach fails to produce any new American energy for American consumers. That means no new American-produced oil, natural gas, or coal; no new nuclear or hydro-electric power; and no new American gasoline refineries or power plants.”

Thornberry is the author of H.R. 3089 the “No More Excuses Act of 2007” which includes provisions that:
 
Encourage new refinery construction by requiring IRS to take action to allow tax exempt bonds to be used for construction of certain refineries, and make federal lands available for refinery construction.

Reduce green house emissions by offering a tax credit for CO2 captured for use in marginal oil wells.

Boost alternative energy development by extending the Wind Production Tax Credit for 10 years.

Lift the Congressional Moratoria on drilling in along the Outer Continental Shelf potentially providing 17 billion barrels of oil.

Open the Arctic National Wildlife Refuge to responsible drilling, potentially producing nearly a million barrels per day for several decades.

Encourage investment in a much-needed industrial base for building new nuclear power plants by reducing the tax burden on that industry.

“It is time for Congress to quit trying to blame other countries, or the oil companies, or anyone else for the decisions Congress itself has made.  No more excuses!  Rather than punishing American consumers with new taxes and regulations we need to act today to increase energy production here at home,” concluded Congressman Thornberry.

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