Brady Calls on Senators to Reject Raising Taxes on Energy Manufacturers: Politically-motivated Bill Means Higher Pump Prices, Less American-made Energy

Press Release

U.S. Congressman Kevin Brady (R-Texas) called on the Senate today to reject a politically-motivated bill to raise taxes on America's traditional energy manufacturers. The Senate is expected to vote later today on whether to move forward on S. 940, offered by Democrat Senator Robert Menendez of New Jersey, that will single out some energy companies operating in the U.S. for higher taxes while foreign competitors and other U.S. manufacturers are left alone.

"Raising taxes on American-made energy won't lower fuel prices and will drive American jobs and manufacturing overseas," said Congressman Brady, a senior member of the House Ways & Means Committee where tax changes must originate. "Traditional oil and gas manufacturing should not be singled out for political flogging just because the energy illiterate in Washington wrongly believe these 9.5 million U.S. jobs are expendable."

A report released by Joint Economic Committee staff this week shows consumers pay 56 cents more per gallon of gas due to the declining dollar caused by major injections of money into the economy by the Federal Reserve.

"Businesses and families face high prices today due to many factors, including misguided monetary policies that add 56 cents to the price of every gallon of gasoline we pump and the Administration's increased reliance on foreign oil from unstable countries."

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