WASHINGTON, Feb. 14, 2011 /PRNewswire-USNewswire/ -- Charles T. Drevna, president of NPRA, the National Petrochemical and Refiners Association, today issued the following statement in response to President Obama's budget proposal to increase taxes on the oil industry:
"President Obama's proposal to raise taxes on American companies that produce petroleum and manufacture fuels and other vital petroleum-based products would drive up the cost of gasoline, diesel fuel, home heating oil, jet fuel and petrochemicals – hurting every American consumer and every American business.
"This proposal is a sweetheart deal for the state-owned oil companies in Russia, Iran, China and other competitor nations, and for the Chinese who produce almost all the rare earth minerals needed to make batteries for electric vehicles. It would weaken America's oil production, refining and petrochemical industries, would increase our reliance on foreign nations, would send more American jobs and more American dollars to our competitors abroad, and would increase unemployment here at home.
"Oil companies do not get subsidies. Like other American businesses, oil companies get tax deductions for the products they produce and the jobs they create. President Obama's proposal would cut those deductions for oil companies to force up their taxes.
"America's petroleum refining and petrochemical industries are high-tech American manufacturers that make modern life possible, meet the needs of our nation and local communities, strengthen economic and national security, and provide jobs directly and indirectly for more than 2 million Americans. When you add in jobs to produce oil and gas in this nation, you get more than 9 million American jobs.
"It is not in our national interest to destroy good American jobs today in hopes of creating so-called green jobs that may never materialize tomorrow."
SOURCE National Petrochemical & Refiners Association