About $39 billion worth of oil and natural gas tax incentives over 10 years would be repealed under President Barack Obama's fiscal 2013 budget plan. Raising taxes on energy companies would affect job generation and drive oil and gas investments abroad, said Jack Gerard, president and CEO of the American Petroleum Institute. "After a handful of years, we would see less domestic energy production -- particularly of natural gas -- more imports, fewer new jobs, and, eventually, depressed tax, royalty and other revenues," Gerard said.

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