Search Results:
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How much did the 2010 Gulf deepwater drilling ban affect overall U.S. domestic production – in terms of output, jobs and economic activity?
Answer:
A 2011 Quest Offshore Resources study found that the 2010 deepwater drilling ban and subsequent permit slowdown reduced total Gulf of Mexico capital and operating expenditures by a combined $18.3 billion for 2010 and 2011, relative to pre‐moratorium plans.
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How much do U.S. oil companies pay in royalties to government?
Answer:
Oil and natural gas production royalties on federal lands are one of the largest sources of income to the federal government, delivering $86 million in rents, royalties and bonus fees every single day.
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What do oil companies do with their earnings?
Answer:
Earnings – what’s left after payrolls and other operating expenses are paid for – basically go two places. Of every dollar earned, 56 cents goes to shareholders and 44 cents goes to government in the form of income taxes. Shareholders include Americans with mutual funds, individual investments, pension funds and IRAs. Taxes at the national and state level help meet a number of public needs, including funding for roads, schools, parks and more.
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Our national debt is too high. Would increased taxes on oil and natural gas companies lower the deficit?
Answer:
Punitive tax increases on the oil and natural gas industry may provide short-term revenue, but they would undermine economic investment and cause the federal government to lose money in the longterm.
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If the industry is getting tax deductions, doesn’t that mean they aren’t paying their fair share?
Answer:
Absolutely not. The U.S. oil and natural gas industry pays more than $86 million every day to the U.S. Treasury in rents, royalties and income tax payments. That’s more than $31 billion a year. In 2011, the effective income tax rate for the oil and natural gas industry averaged 40.6 percent, compared to just 25.1 percent for other S&P Industrial companies.
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How would expanding access to domestic energy development help our struggling economy?
Answer:
Given the critical role of oil and natural gas in driving economic growth and improving the standard of living here at home and around the world, we need policies that encourage expanded domestic oil and natural gas production. More domestic production would raise government revenues, boost the economy, strengthen U.S. energy security and create much-needed jobs at a time when 13 million Americans are unemployed.
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How much does the oil and natural gas industry contribute to our gross domestic product (GDP)?
Answer:
The oil and natural gas industry’s impact on the U.S. economy is significant, supporting nearly 9.2 million American jobs and providing $1.1 trillion in U.S. economic activity—or 7.7 percent of America’s total gross domestic product (GDP) through spending and investments supporting U.S. manufacturing, transportation, technology and accounting services, among others. The shale revolution alone contributed more than $76 billion to U.S. GDP in 2010, and research shows this could triple to $231 billion in 2035.
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How much do oil companies pay to shareholders and who are these shareholders?
Answer:
Analysis of public data, independent research and corporate annual reports found that the oil and natural gas industry paid out approximately $35 billion in dividends distributed to American shareholders in 2010 alone.
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