Kay Bailey Hutchison: “a healthy domestic energy industry is critical to our nation's security and our economic well-being. That is why I am…”

“a healthy domestic energy industry is critical to our nation's security and our economic well-being. That is why I am pleased today to introduce the U.S. Energy Economic Growth Act. My legislation provides much needed tax relief for the domestic oil and gas industry. It is a part of the omnibus Domestic Oil and Gas Security Enhancement Plan that I've developed with Senator Murkowski and Senator Nickles. Together, our comprehensive legislation represents the most sweeping tax and regulatory relief since before the Gulf War. Our package could not come at a more critical time. The price of crude oil recently dipped to its lowest level since April 1994. This downturn in world oil prices has exposed America's independent producers to great risk. If current market conditions persist, as is expected, thousands of wells could become uneconomic and be shut-in or plugged. It is time we acted to ensure this does not happen, and my bill is the first step in that direction. The U.S. Energy Economic Growth Act will do three things. marGINAL weLL taX RELief First, this bill provides tax relief for producers who operate marginal oil and gas wells.”