The oil-and-gas industry helps power the U.S. economy, especially here in Texas. More than 300,000 Texans work in the industry. They generate nearly 7 percent of the wages in our state, despite being only a little more than 3 percent of our workforce.
More than 90 percent of the wells in our country are operated by small and independent businesses, and even the major energy companies rely on small businesses as suppliers and contractors. Together these workers and businesses help reduce our dependence on foreign oil and contribute to the diversity of energy resources that we will need for decades to come.
Domestic oil and gas production is part of America's energy solution, but many in Washington see the industry as part of the problem. As a member of the Senate Finance Committee, I heard the Obama administration testify this month that our domestic oil-and-gas industry actually reduces our long-term energy security. In their view, our industry is guilty of overproduction, at a time when 60 percent of our oil comes from foreign sources.
To attack overproduction, the White House wants to repeal nine oil and gas incentives that encourage our entrepreneurs to develop America's natural resources and create new jobs. By doing so, the administration would impose more than $30 billion in new taxes over 10 years.
http://www.chron.com/disp/story.mpl/editorial/outlook/6643881.html