Austin, Texas — In response to President Joe Biden’s announcement he would support a windfall tax on profits of oil and gas companies, Ed Longanecker, president of the Texas Independent Producers & Royalty Owners Association (TIPRO) issued the following statement:
“A windfall profit tax targeting U.S. oil and natural gas producers is yet another effort in a growing list of misguided domestic energy policies that will have many unintended consequences for consumers and our economy. We must not doom ourselves by embracing the policy mistakes of the 1980s – where a similar tax ultimately resulted in lower domestic energy production, a higher reliance on foreign sources of energy, and runaway inflation. If we want to encourage energy production, America should be embracing policy that encourages Texas producers – not punishes them.”
