Hoeven Statement on President Obama's Proposed $10 Per Barrel Tax on Crude Oil Production

WASHINGTON – Senator John Hoeven, a member of the Senate Energy Committee, today issued the following statement in response to President Obama’s proposal to impose an additional tax of $10 a barrel on crude oil:

“It makes no sense to put a $10 per barrel tax on oil at a time when American companies are competing in a global market and fighting just to stay in business. The tax will not only cost American jobs and impede the American economy, but also raise prices for consumers at the pump.

“In addition, if our companies can’t compete in the global economy and go out of business, we and our allies are faced with going back to our reliance on OPEC for oil. From a national security perspective, that makes no sense. Americans want their energy produced here at home rather than depending on volatile parts of the world for it. This proposal will never pass the Senate.”