OREANDA-NEWS. API issued a statement of support for Congressman Boustany’s resolution against the administration’s proposed tax hike on crude oil:

“The White House’s $10 per-barrel tax hike on crude oil could harm consumers, destroy jobs and raise energy costs,” said API President and CEO Jack Gerard. “This unprecedented tax hike – adding, according to public reports, about 30 percent to the cost of a barrel of oil and potentially about 25 cents to the cost of a gallon of gasoline -- is just the latest bad idea from this administration when it comes to U.S. oil and gas resources. API strongly supports Congressman Boustany’s resolution to oppose this harmful measure.”

API is the only national trade association representing all facets of the oil and natural gas industry, which supports 9.8 million U.S. jobs and 8 percent of the U.S. economy. API’s more than 650 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation’s energy and are backed by a growing grassroots movement of more than 30 million Americans.