The Daily Advertiser reports that Obama plans to raise excise taxes on oil and gas producers especially in the Gulf of Mexico. At least we know that Obama won’t kick us when we’re down; he’ll just wait until “after the economy has had time to recover, White House officials said.” That makes me feel so much better!
Will these new taxes discourage exploration, production and/or threaten current and future jobs. Time will tell, but Louisiana and Texas will feel the pain first. Don’t blame the oil and gas companies who may decide invest in overseas efforts that may have better ROI (see US Taxpayers make $1B investment in Brazil).