In 2012 the oil and natural gas industry put $85 million a day into the U.S. Treasury. Imposing more taxes on this industry would risk economic growth, innovation, and millions of jobs.

Higher energy taxes could significantly harm America’s energy production, cost us jobs and government revenue, and make us less energy secure. In 2012, the oil and natural gas industry generated $74 billion in government revenues. That money helps the budgets of our federal, state, and local governments support roads, schools, parks, and countless other necessities our communities need.

Claims that the oil and natural gas industry gets big tax breaks, special favors, and back-end deals are simply not true. The industry doesn’t receive subsidies or unique tax breaks that are unlike those available to other industries. At the same time, the oil and natural gas industry pays the highest effective tax rate among industries in the United States. Raising taxes any further will cost us jobs, slow investments, and make us more reliant on foreign sources of oil.