[Congressional Record Volume 155, Number 40 (Friday, March 6, 2009)]
[House]
[Pages H3057-H3058]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           ENERGY MEANS JOBS

  (Mr. FLEMING asked and was given permission to address the House for 
1 minute.)
  Mr. FLEMING. Madam Speaker, in northwest Louisiana energy means

[[Page H3058]]

jobs. However, the President's recent budget proposal will eliminate 
more than $31.5 billion in tax incentives for oil and gas businesses, 
the vast majority of which are mom and pop businesses.
  The loss of depletion allowance and the writeoff of intangible 
drilling costs will effectively shut down all future drilling for the 
majority of wells drilled in the continental United States. In a 
business that is so risky, what is the incentive now to take a risk?
  It is the wildcat driller's rugged individualism that has made this 
industry what it is today, keeping our gas prices and the cost of 
heating our homes as low as it is today. It could be much higher.
  Independent oil men and women in Northwest Louisiana rely on drilling 
tax incentives to reinvest capital in their companies and hire 
employees at good salaries. This legislation will drastically hurt 
small oil and gas business owners in my district and result in major 
layoffs of personnel.
  Less domestic production means more imports, price spikes for 
consumers at the pump and an increased threat to our national security. 
Let's take this dangerous anti-jobs and anti-consumer provision out of 
the budget bill today.

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