Energy security

Regarding “Junk tax breaks for oil, gas industry?” (Page B1, Thursday), tax policy should be focused on economic investment and job growth. Like every business in America, oil and natural gas companies deduct operating costs when filing taxes.

But these deductions are not subsidies. These necessary expenses for the drilling and preparation of wells represent direct investment in the U.S. economy and American jobs and help our industry produce affordable and reliable energy for consumers while contributing about $60 million a day on average to the federal government in revenue. The industry pays its fair share — with income tax expenses (as a share of net income before income taxes) averaging 37 percent, compared to 25.8 percent for other S&P Industrial companies.

The United States is now the No. 1 producer of oil and natural gas in the world and is leading the world in reducing emissions like carbon, which are near 20-year lows due largely to increased use of clean-burning natural gas.

Since 2000, the oil and gas sector has invested more than twice as much as any other industry in zero- and low-carbon technologies.

Leading the world in both carbon reductions and in production of oil and natural gas demonstrates we can continue environmental progress without jeopardizing energy production that is saving U.S. households $1,337 per year and enhancing American energy security.

Whether to raise revenue or as a symbolic climate gesture, raising oil and natural gas industry taxes is misguided.