Representative James Lankford (R-OK) released the following statement after the Senate Finance Committee released its draft proposal today for tax reform that would drastically alter the tax code for American energy companies at a time when the United States is on the cusp of North American energy independence:
"For decades America has pursued energy independence, an elusive goal of every Congress and every Administration," said Lankford. "After a long history of oil embargoes and failed energy policies, we've finally hit a formula that has brought us within reach of energy independence. The formula is a combination of three things: private sector innovation, new exploration technology and a tax structure that encourages new energy discoveries. Now, we have new shale plays and new oil and gas discoveries coming online each day.
"The tax policy for energy exploration is similar to every other American manufacturing business. It allows companies to deduct business expenses to incentivize private capital investment and spur growth in high-paying American jobs. Now is not the time to kick out one leg of our three-legged stool and stifle domestic producers through a burdensome tax code," concluded Lankford.