House Adopts Resolutions Opposing Cap-And-Trade and
Opposing Repeal of Tax Incentives for Oil and Gas Exploration
OKLAHOMA CITY (May 12, 2009) – Lawmakers joined state Rep. Mike Thompson today in his opposition to a federal cap-and-trade system on greenhouse emissions and opposition to a repeal of tax incentives for oil and gas exploration with two resolutions to be distributed to the president and members of the U.S. Congress.
“The federal cap-and-trade system will be an economic hardship on top of the troubles Americans are already experiencing,” Thompson, R-Oklahoma City, said. “The repeal on tax incentives for oil and gas exploration hits closer to home. It will have a direct negative impact on Oklahoma industries.”
House Concurrent Resolution 1035, by Thompson, refers to President Barack Obama’s proposal to implement an economy-wide cap-and-trade system to reduce greenhouse gas emissions by 80 percent by 2050. On March 31, 2009, Congressman Henry A. Waxman and Edward J. Markey released a draft of the American Clean Energy and Security Act of 2009, which includes language implementing a cap-and-trade system.
“Why anyone would want to risk such a large impact on the economy by creating such a far-sweeping system is beyond me,” Thompson said. “I think that while any such system would be a burden on the economy, this one will have a much deeper negative impact.”
House Concurrent Resolution 1036, also by Thompson, notes that Oklahoma is an energy state, where more than 76,000 Oklahomans or 3.3 percent of the workforce in 2007 were directly employed by the oil and natural gas industry. Directly or indirectly, the oil and gas industry supports one in seven jobs in Oklahoma.
“These small- to medium-sized businesses, which are so numerous in Oklahoma and so important to our local economy, will reinvest that money they get in the form of tax incentives,” Thompson said. “Repealing them would truly be a poor policy choice.”
Both resolutions were adopted by the House and pending Senate approval will be distributed to the president and all members of the U.S. Congress.
Do you like this post?