Rae Oliver Davis: “I just think one thing the gentleman from Texas brought up is very important for us to realize, and that is…”

“I just think one thing the gentleman from Texas brought up is very important for us to realize, and that is manufacturing jobs are the best benefit providing jobs we have for working families in this Nation. Eighty-four percent of manufacturing jobs provide full benefits, health care, retirement, opportunity for the future, and that sense of security. What this tax increase is going to do by addressing domestic oil producers is not simply a strike at a mythological big oil company. The international oil producers are not going to be affected by this. They simply have to step back and let the law of supply and demand take over. Who is going to be affected? The local oil producers, the wildcatters, those small investors in Kentucky, West Virginia, Texas, Pennsylvania, Illinois, and other States throughout the heartland that create jobs. In addition to that, dollars for research and development are going to be disincented. With a tax credit is the opportunity to reinvest that, to find new sources of oil, and more importantly develop new technologies that can bring it forward in a low-cost way and create more jobs. But it is not just the small producers. It will be the distribution chain. Those small refiners, like our Catlettsburg Refinery, which creates hundreds of jobs in northeast Kentucky and affects thousands of jobs in the local economy, will be adversely affected by this. It will impair their ability to grow and it will hurt the future for people there.”