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Windfall
profits taxes
   Now that we are in the dead of winter, talk is again surfacing about the rising costs of gasoline and heating fuels. This past summer gasoline spiked to record highs prompting record profits for oil companies across the world. As a result of these record profits, some in Congress are calling on a variety of “Windfall” profits tax proposals targeting these oil companies. For the most part, these plans are populist attempts at “spreading the wealth” and should be rejected.
   Everyone in our state knows the importance of the oil and gas industry to Louisiana citizens and our economy. Tens of thousands of our citizens, work directly in the industry and hundreds of thousands more are financially affected through investments and retirement plans. A healthy, vibrant oil and gas sector improves the lives of everyone in our state. Placing crippling taxes on this industry does nothing to help Louisiana ... and it certainly won’t lower gasoline prices.
   Louisiana’s oil and gas industry just absorbed a major blow when the recent hurricanes damaged oil rigs and pipelines along our coast. The “profits” enjoyed by these companies over the summer months will immediately be used in the repair and rebuilding process of our crippled energy infrastructure. To unreasonably tax this industry at this time will only delay Louisiana’s recovery and, in a worst-case scenario, cause the loss of even more precious jobs.
   We encourage our congressional delegation to look seriously at these proposals and reject any attempt to raise undue taxes on this incredibly important sector of Louisiana’s economy.

Crowley Post Signal • 602 North Parkerson Avenue • Crowley, LA
Ph: 337-783-3450 • Fax: 337-788-0949