As Texans we understand the importance of the oil and gas industry. It makes up 24 percent of our economy, and is responsible for two million jobs in our state. I have heard from a lot of you about gas prices and our nation’s dependence on foreign oil. Many have expressed concerns over what some have called “subsidies” for the oil industry. That is not an accurate description. The U.S. oil and gas industry is not subsidized by the federal government. Rather, there are many provisions in the tax code that allow any private company to recover their costs through tax deductions.
Over the last two weeks the House has passed legislation that will create jobs, increase American energy production, help address rising gasoline prices, and reduce our dependence on foreign oil. For example, I voted for legislation that will put our offshore energy policy back on track by streamlining the permit process and opening up new areas for offshore drilling.
If the President enacted our energy agenda, we would reduce our dependence on foreign oil by one-third. These policies would also generate an estimated $800 million in additional tax revenue to help reduce our national debt and deficit. I will continue to fight for what is good for Texas, and what will help reduce our dependence on foreign oil.