IPAA President and CEO Barry Russell: “We are early in the process of evaluating the full scope of this far-reaching 2.25 trillion-dollar proposal. At the outset, we have significant concerns with the tax changes proposed to fund this effort. Changes to the corporate tax rate or eliminating standard business deductions would be detrimental to not just the oil and natural gas production industry, but economy wide as our country continues to recover from the damage done by COVID-19. The details on how the American Jobs Plan is funded are important.
“It is important the Administration recognizes the need for smart, coordinated infrastructure permitting and we hope this effort is applied to all forms of energy infrastructure permitting. Transportation infrastructure investments are important in safely moving oil and natural gas throughout the country. And efforts to improve electric grid reliability are important but should not negate the necessity of an energy mix that includes natural gas.”