#aad? ,,congress  #b;d ,session  ,h4    
,,con4 ,,res4 #aab  ,,concurr5t         
,,resolution  ,:]eas rais+ rev5ue &     
sp5d+ money are p[]s res]v$ to ,congress
 by ! ,con/itution2 ,:]eas accord+ to   
global economi/s1 ! ,unit$ ,/ates oil & 
gas indu/ry is curr5tly exp]i5c+ ! wor/ 
indu/ry decl9e s9ce simil> commodity    
price collapses 9 ! #aihjs & #aiijs =c$ 
oil companies to sla% payrolls &        
divid5ds2 ,:]eas global oil production  
exce$s dem& by m ?an "o million b>rels a
 day1 & ,iran has promis$ to provide an 
additional #ejj1jjj b>rels a day to ! _w
 m>ket1 n[ t sev]al sanctions h be5     
lift$ aft] ! rec5t implem5tation ( !    
,jo9t ,compreh5sive ,plan ( ,action2    
,:]eas ! price ( a b>rel ( oil is       
curr5tly ar\nd #cj1 less ?an a ?ird ( ! 
#ij-plus x 0 sell+ = #ah mon?s ago2 :i* 
w\ld mean ! ,presid5t's proposal w\ld be
 equival5t to a #cc4c p]c5t tax1 mak+ ! 
,unit$ ,/ates ,f$]al excise tax on oil !
 highe/ ( any dome/ic product2 ,:]eas   
?is tax c\ld translate into z mu* z an  

additional #be c5ts on a gallon ( gas1  
:5 ! ,f$]al tax on gasol9e is curr5tly  
#ah4dj c5ts p] gallon2 ,:]eas ! oil &   
gas indu/ry acc\nts = significant       
employm5t & is an ev5 m significant     
driv] ( inve/m5t sp5d+ & gr[? along !   
supply *a91 rang+ f aggregates to       
/eelmak+ & speciali/ equipm5t2 ,:]eas m 
?an #beh1jjj p employ$ 9 oil & gas      
extraction & support activities         
globally1 includ+ m ?an #ajj1jjj across 
! ,unit$ ,/ates1 h lo/ _! jobs s9ce     
,octob] #bjad2 ,:]eas e lo/ oil & gas   
job leads to an additional #c4dc jobs   
cut 9 o!r sectors2 ,:]eas t means !     
#aad1jjj job losses 9 ! oil & gas sector
 wip$ out an additional #cia1jjj jobs 9 
o!r sectors la/ ye> & slic$ economic    
gr[? to ab\t #b4a p]c5t f #b4f p]c5t2   
,:]eas m lay(fs are virtually c]ta9 9 ! 
mon?s ahead 9 oil & gas production1 z   
well z along ! supply *a9 & 9           
petroleum-dep5d5t economies1 z ! cont9u$
 price slump filt]s ?r\gh to ev5 less   
drill+ activity2 ,:]eas ! numb] ( rigs  

drill+ = oil & gas has fall5 f ov]      
#a1ijj 9 ,octob] #bjad1 to #gdd at ! end
 ( ,novemb] #bjae1 & j #fai at ! end (  
,janu>y #bjaf1 accord+ to oilfield      
s]vices firm ,bak] ,hughes2 ,:]eas      
manufactur]s1 = example1 ann\nc$ #cg1bba
 lay(fs 9 ! pa/ #ab mon?s2 ,:]eas       
%ipm5ts ( /eel 9 ! ,unit$ ,/ates--us$ to
 make oil & gas pipel9es--7 d[n #aa4d   
p]c5t ?r\gh ! fir/ #aa mon?s ( #bjae & !
 indu/ry ann\nc$ m ?an #ab1jjj lay(fs   
dur+ ! pa/ ye>1 accord+ to ! ,am]ican   
,/eel & ,iron ,in/itute2 ,:]eas believ+ 
t oil companies w pay ! fee ) no effect 
on consum] prices requires also believ+ 
t ! produc]s won't pass _! increas$ co/ 
on to ref9]s1 :o won't 9 turn pass _!   
co/s on to ! public2 9 o!r words1       
requires susp5d+ belief 9 basic         
economics2 ,:]eas ?is tax c\ld also put 
,am]ican oil companies1 at a competitive
 disadvantage ) =eign oil companies1 z  
import$ oil may n face ! same treatm5t2 
,:]eas ! dome/ic mid/ream & d[n/ream    
/ages ( oil & gas production w be at a  

competitive disadvantage to _! global   
competitors due to a #aj high] co/ = e  
b>rel ( oil2 ,:]eas 9 comb9ation ) a    
/rong] doll>1 sl[+ gr[? 9 int]national  
m>kets1 & an ov]accumulation (          
inv5tories ?r\gh mu* ( ! economy1 ! oil 
slump is creat+ headw9ds = manufactur]s1
 freight firms1 & ! wid] economy2 &     
,:]eas ! oil & natural gas indu/ry      
an*ors our economy 9 t]ms ( jobs1       
economic activity1 & ev5 ,/ate & local  
tax rev5ue 9 a *all5g+ price environm5t3
 ,n[1 !re=e1 be x  ,t ,congress f9ds t--
 7#a7 any new tax plac$ on ! /ruggl+ oil
 & gas indu/ry w fur!r prev5t gr[? &    
developm5t ?r\gh\t ! sector & enc\rage  
additional lay(fs2 &  7#b7 ! effect ( a 
#aj tax on ea* b>rel ( oil sold 9 !     
,unit$ ,/ates-- 7,a7 w\ld raise ! price 
( oil1 & by ext5sion gasol9e2 &  7,b7   
w\ld result 9 a decrease 9 ! consumption
 ( oil4  #b4 ,s5se ( ,congress ,x is !  
s5se ( ,congress t--  7#a7 a new tax    
%\ld n be plac$ on oil1 &  7#b7 9       
consid]+ future policy1 ,congress %\ld  

c>efully review ! detrim5tal impacts (  
plac+ any new taxes on any indu/ry t has
 se5 a sla% 9 jobs1 rev5ue1 &           
production4  ,pass$ ! ,h\se (           
,repres5tatives ,june #aj1 #bjaf4;,cl]k4