The credit is phased out as the price of the oil increases. Similar rules would apply to natural gas producers. I urge members of this Committee to support these two pieces of legislation and the myriad other legislation that is being proposed to provide disaster relief to the U.S. oil and natural gas production industry. Oil is not a partisan issue. Oil is not an environmental issue.
Oil is a jobs issue.
Oil is an economic issue. Oil is a family issue. Oil is a freedom issue. Producers are looking for a hand up, not a hand out. We want to do business in a free and a fair market.