Rising numbers on the pump indicate that we’re heading into the annual summer run-up of gas prices. But this year, those numbers could stay higher longer if President Obama has anything to say about it.
His annual budget proposal once again calls for ending incentives for oil and gas companies, effectively raising taxes on these businesses by billions of dollars.
Why should we care? In addition to paying more for gas and consumer goods, higher fuel costs could put a serious dent in our state’s economy.
We welcome thousands of visitors each year to our gaming and entertainment venues. But Nevada also draws recreational tourists and is a top destination for American RV enthusiasts.
These activities are heavily reliant on affordable fuel and visitors contribute millions of dollars to our local economies. While some may not be deterred if the price of fuel spikes, many will.
The President and his allies in Congress say they want to close “loopholes” in the tax code to yield more revenue and pay down the budget deficit. But the fact is, they’ve singled out the energy industry by barring it from taking tax deductions available to other manufacturers and ending other incentives that boost oil and gas production.
Higher taxes on oil and gas businesses mean higher prices for fuel and fewer dollars for Nevada businesses and families. It’s a bad idea — and we should let the president and our Representatives in Congress know it.
Carol Del Carlo