Karen Harbert, President and CEO, U.S. Chamber of Commerce’s Institute for 21st Century Energy
The lack of a coherent energy policy for decades is finally catching up with us. The U.S. spent $72 billion more on imported oil last year than it did in 2009, yet 85 percent of our resources are still off limits. It’s time to let America’s energy industry get to work both on and offshore in order to create jobs and increase our energy security.
Kevin Book, Managing Director of Research, ClearView Energy Partners
Current U.S. tax treatment for domestic oil companies is fundamentally similar to other U.S. industrial multinationals, and it’s not clear to me how hurting any American company’s global competitiveness will help our economy. The difference with oil is capital intensity. Here’s an underappreciated fact: it takes a lot of cash to get oil out of the ground. Higher taxes leave less cash to invest in future production, setting up higher prices and tighter supply.
David Owens, Executive Vice President of Business Operations, Edison Electric Institute (EEI)
Current high gas prices are the result of concerns in the market over volatility around the globe and diminished energy production here at home. We need more domestic production of energy from coal and oil and gas to the promise of natural gas to help alleviate the supply and demand pressure and stabilize the market.
This morning’s energy policy briefing was sponsored by the American Association of Blacks in Energy in coordination with The Hill Newspaper. The discussion can be viewed in its entirety on HillTube.com