LSU Professor To Testify Before US Senate Regarding Detrimental Energy, Tax Policies

White House tax proposal would further burden Americans already economically crippled by drilling moratorium, recession

WASHINGTON, July 26 /PRNewswire-USNewswire/ -- Following this month's release of his sobering economic analysis of the Obama administration's moratorium on exploration in the Gulf of Mexico, LSU Banking Chair and nationally renowned economist Joseph Mason has been invited to testify Tuesday before the Senate Small Business Committee. In the first six months alone, Dr. Mason's study found the drilling ban will cost Americans 12,000 jobs, $2.8 billion in economic activity, $98 million in forfeited state tax revenues in the Gulf region, and $220 million in federal tax revenue. Since the moratorium and/or its effects could last up to a year and half, these vastly underestimated figures could, realistically, increase by a factor of 2 or 3.

In his testimony tomorrow, Dr. Mason plans to update these points to warn against tax policies currently being considered in Washington which would only add to this already staggering fallout.

WHAT     Senate Small Business Committee hearing on "The Deepwater Drilling Moratorium: A Second Economic Disaster for Small Businesses?"

WHERE     Dirksen Senate Office Building

Room 106

WHEN     Tuesday, July 27, 2010

10am ET

Dr. Mason's report was sponsored by Save U.S. Energy Jobs – a project of the American Energy Alliance – established to help promote the nation's energy sector. To learn more and get exclusive information on upcoming projects, follow Save U.S. Energy Jobs on Twitter and Facebook.

Founded in May, 2008, The American Energy Alliance ("AEA") is a not-for-profit organization that engages in grassroots public policy advocacy and debate concerning energy and environmental policies.  AEA is the advocacy arm of the Institute for Energy Research (IER), a not-for-profit organization – founded in 1989 – that conducts intensive research and analysis on the functions, operations, and government regulation of global energy markets.

SOURCE The American Energy Alliance