NTU urges all Representatives to vote NO on H.R. 3534, the Cutting Loose Energy and American Resources (CLEAR) Act, which would impose new regulatory burdens on the U.S. oil and gas industry and new energy costs on the American people.
Among a myriad of provisions, H.R. 3534 would raise royalty rates for energy production as well as provide a huge $30 billion infusion to the Land and Water Conservation Fund and National Historic Preservation Fund through 2040. Most troubling, however, is the bill's new tax on oil and natural gas produced on federal onshore and offshore leases, which CBO estimates will total $22 billion in ten years.
While H.R. 3534 is being disguised as an oil spill assistance package, the reality is that it will only further hurt the Gulf region's already-ailing economy and force taxpayers across the nation to bear the financial burden. Worse, it will effectively hobble domestic producers with a tax disadvantage. Legislation that dramatically hikes the price of American energy and puts numerous U.S. jobs in jeopardy is not the way to achieve lasting relief in the Gulf.
Roll call votes on H.R. 3534, the CLEAR Act, will be significantly weighted in our annual Rating of Congress.
If you have any questions, please contact:
NTU Federal Government Affairs Manager Jordan Forbes at (703) 683-5700