Voters oppose new taxes on energy companies

Fuel Fix:

Most registered voters believe raising taxes on oil companies would hike costs for consumers and oppose boosting energy taxes now, according to a poll unveiled Tuesday.

Oil industry leaders and lobbyists say the new polling data, from a Harris Interactive survey commissioned by the American Petroleum Institute, helps them make the case that lawmakers should preserve a suite of cherished industry tax breaks that date back decades.

According to the survey results, 7 out of 10 registered voters believe raising taxes on oil and natural gas companies could drive up energy costs for consumers. And 81 percent think “now is not the time for politicians in Washington to raise energy taxes.”

But the tide may be shifting on Capitol Hill, where lawmakers from both parties are writing tax reform bills that would lower the corporate tax rate in exchange for repealing “loopholes” and deductions. And, on Wednesday, 29 members of a House-Senate conference committee will kick off meetings aimed at developing a long-term budget plan by Dec. 13, which could take the form a “grand bargain” with broad tax changes or a smaller deal focused on replacing $91 billion in automatic across-the-board sequester cuts.

Both prospects are spurring intense lobbying by the oil industry, led by the API, the Independent Petroleum Association of America and other trade groups worried their tax breaks hang in the balance.

“We, in the past, have always been in the crosshairs, whether it’s a grand bargain, a small bargain (or) a mini bargain,” said Stephen Comstock, API’s director of tax policy. “Since you have both of these engaged – a grand budget (committee) as well as tax reform looming out there – we (wanted to) provide information back into those processes. We just see this as an opportunity to engage with them and let them know how their constituents feel.”
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There is much more.

These results reflect a failure of President Obama to build political support for tax increases on the oil and gas business.  They also reflect a degree of sophistication that hampers Democrat attempts to raise taxes.