Oil and Gas Companies Would Have Heavier Burden Under Biden Budget, Says Bucshon
WASHINGTON–When Pres. Joe Biden delivered his State of the Union speech he criticized entities holding oil and gas leades in the U.S., who had not acted on those leases, indicating they had the freedom to drill. Rep. Larry Bucshon pointed out on the U.S. House floor that while they may have that freedom, Biden’s proposed budget may impose additional taxes that would burden the fossil fuel industry.
“Just one year ago our country was comfortably meeting our energy needs and we were a net exporter of energy for the first time in 50 years,” said Bucshon, a Republican who represents southwest Indiana in Washington.
“However under the Biden administration we have seen a continued assault on American energy that’s killed jobs, increased our dependency on foreign energy sources and most recently, jeopardized our national security,” he said.
Bucshon contends that the Biden administration is blocking new oil and gas lease sales.
Under the administrations “whole-of-government” approach to climate change, the administration, under executive orders from the president, paused oil and gas leases on public lands and waters last year.
Biden said in his State of the Union speech, that there are plenty of oil and gas leases held by companies who could begin drilling immediately on private land. Bucshon said he believes the taxes proposed in the Biden budget would discourage that.
“President Biden proposed $45 billion worth of tax increases on fossil fuels in his budget to further weaken America’s ability to power our country,” said Bucshon. “These proposed tax increases are just another example of the administration doubling down on the anti-American produced energy policies that have sent prices skyrocketing here at home.”
While inflation happens and has happened due to a variety of factors, Bucshon said he believes that moves to clamp down on America’s own energy production helps other dictatorships that are producing oil, such as Iran and Venezuela.
