Obama’s Proposed Oil and Gas Tax Hikes to Cost U.S. Economy 154,000 Jobs in 2011

White House’s new ‘stimulus’ plans would trigger loss of $341 billion in economic activity

, --September 15, 2010

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The American Energy Alliance (AEA) released a study yesterday from Dr. Joseph R. Mason, Louisiana State University Endowed Chair of Banking and nationally-renowned economist, which estimates that President Obama’s proposed energy tax changes would trigger grave economic consequences.
  • Initial losses of over 154,000 jobs by the end of 2011, not only in the energy sector but across the whole economy;
  • More than $341 billion in lost U.S. economic output; and
  • In excess of $68 billion in lost wages nationwide.
Read the full study here (PDF) “Regional and National Economic Impact of Repealing the Section 199 Tax Deduction and Dual-capacity Tax Credit for Oil and Gas Producers.”

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Institute for Energy Research——

The Institute for Energy Research (IER) is a not-for-profit organization that conducts intensive research and analysis on the functions, operations, and government regulation of global energy markets. IER maintains that freely-functioning energy markets provide the most efficient and effective solutions to today’s global energy and environmental challenges and, as such, are critical to the well-being of individuals and society.