WASHINGTON — Sen. Thad Cochran (R-Miss.) has issued the following statement regarding his vote against proceeding to S.940, a measure to repeal or limit tax provisions utilized by U.S.-based oil and gas companies, including the 2005 Energy Policy Act’s deep-water royalty relief for offshore energy production.
“This legislation is an overtly political document that would not ease gasoline prices or improve the ability of U.S. energy companies to produce American oil and gas resources. The Senate should instead be considering serious ideas to reduce the deficit in ways that will not discourage investment in domestic energy production and, in the end, not place more of a burden on consumers and make our nation more dependent on foreign oil.”
The 52-48 vote fell short of the 60 votes required to allow the Senate to continue consideration of S.940, which, according to Cochran, was criticized as a vehicle for raising taxes on U.S. oil and gas production, refining and processing and making them less economically competitive against foreign energy producers.
Source: Sen. Thad Cochran