Boustany Grills Sec. Geithner On Budget, Drilling At Ways And Means Hearing

“At a time when Americans are concerned about our ability to compete here and abroad, the Obama administration continues its full-scale assault on America’s energy producers,” Boustany said.

Rep. Boustany pressed Sec. Geithner on energy production in the United States, and the impact President Obama’s budget will have on Gulf Coast job creators.  Boustany disputed Geithner’s claims that current tax policy “encourages overproduction of oil” and is detrimental to long-term energy security.  Despite the administration’s stance against American energy production, Geithner was unable to deny the necessity of oil and natural gas to the American economy and national security interests.

The FY2012 Budget proposes $44 billion in new taxes on American small, independent energy companies, which will impact many businesses in Louisiana. “The budget’s tax increases will jeopardize recovery, have a negative impact on Louisiana’s energy producers and kill jobs.”  

Boustany also questioned Sec. Geithner on the implications of the Obama administration’s moratorium on drilling. “You deny that a moratorium on drilling exists, but permits are NOT being granted,” Boustany said.  Citing the administration’s policies as the cause, Boustany pointed out that this weekend, the second largest shallow-water drilling company filed for bankruptcy, jeopardizing over a thousand American jobs.

Congressman Boustany sits on the Ways and Means Committee and serves as subcommittee chair on Oversight. He has been a leader for Louisiana in the wake of the oil spill and moratorium, and continues to press administration officials for answers that will get Louisiana workers back in the field and restore American energy production.