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The Oil and Gas Industry: A Boon For the Economy

Erik Milito
Washington Post Company
September 15, 2010

The oil and natural gas industry supports more than 9.2 million American jobs, and a number of proposed projects across the country could expand that figure by hundreds of thousands in the next decade.

Given the industry's record for generating jobs and government revenue, we were disappointed that the Obama administration will apparently seek to fund its transportation infrastructure development program by raising taxes on the oil and gas industry. That would drive new investments and jobs overseas when the unemployment rate is close to 10 percent.

The most sensible way to create jobs and stimulate the economy is to lift the moratorium on deep-water drilling and allow the oil and gas industry to develop U.S. resources for the benefit of the U.S. economy. No tax increases are required to achieve this.