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House Energy Bill Discourages New, American Supplies of Oil and Natural Gas.

Publication: PR Newswire
Publication Date: 12-JAN-07
Format: Online
Delivery: Immediate Online Access

Article Excerpt
Bottom Line: Increased Foreign Oil Dependence

WASHINGTON, Jan. 12 /PRNewswire-USNewswire/ -- The Democratic leadership of the House of Representatives today unveiled a proposal to increase taxes on the U.S. oil and natural gas industry, a move that would steer billions of dollars from investments in new, American energy resources, according to the Independent Petroleum Association of America (IPAA).

"If the goal is to lessen our dependence on foreign oil, then this bill falls far short," said IPAA President Barry Russell. "The American oil and natural gas industry is our most precious and primary defense against increased oil imports. This is a time to encourage American investment in energy projects here at...

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