“The legislation under consideration in the U.S. House will cripple U.S. energy production, make us more reliant on foreign oil, and destroy American jobs. This bill finances a new government slush fund on the backs of American energy consumers and producers by levying a $25 billion tax on all domestically-produced oil and natural gas. It also alters the regulatory structure to ensure that no Gulf energy resources could be produced in the future.
“In addition, the elimination of any cap on liability will make it almost impossible for independent producers, which hold 90 percent of Gulf leases, to continue operating. The CLEAR Act even manages to attack renewable energy, by forcing offshore renewable projects to meet the same unworkable requirements as oil and gas.
“There are many other objectionable provisions in the bill, but the bottom line is this: A vote in favor of this legislation is a vote to put tens of thousands of Americans out of work and a vote to make our nation even more reliant on foreign oil. With this bill, those who wish to eliminate the U.S. oil and gas industry are attempting to exploit the tragic Gulf oil spill to achieve their objectives.”
The U.S. Chamber sent a Key Vote letter opposing the measure.