[Congressional Record (Bound Edition), Volume 154 (2008), Part 13]
[House]
[Page 18235]
[From the U.S. Government Publishing Office, www.gpo.gov]




      TAXES DRIVING INVESTMENT IN OIL AND GAS EXPLORATION OVERSEAS

  (Mr. SHIMKUS asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. SHIMKUS. Mr. Speaker, I got a magazine from a good friend, a 
former colleague of ours, Chris John, who is now the president of the 
Louisiana Mid-Continent Oil and Gas Association. All of our colleagues 
got this magazine. I want to quote from his introduction in this 
magazine:
  ``The path of the Washington Democrats, with a few notable 
exceptions, is to repeal tax incentives and possibly levy other taxes 
on the industry, with the money going to the development of alternative 
fuels. This will do nothing to lower gasoline prices or increase crude 
oil supplies. In fact, enactment of such a plan would discourage new 
investment in exploration and production in the United States and send 
those dollars overseas.''
  Now, Chris is a good friend and a former colleague, one that we all 
trust and appreciate his service. He is right on this issue. We should 
not drive our investment in oil and gas exploration overseas by 
burdening them with new taxes.

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