Thousands of jobs at stake in the US.

President Obama’s proposed tax increases on oil and gas companies would cause over 154,000 workers to lose their jobs, according to a new report by Louisiana State University economist Dr. Joseph Mason. The report also finds that Obama’s proposal would reduce economic output by $341 billion and create over $68 billion in lost wages nationwide. “Though politicians think they are selectively targeting ‘Big Oil’ with these energy tax proposals, they would actually devastate thousands of small American businesses nationwide as well as the workers who depend on them,” Mason said in prepared remarks.

Saudi Arabian Oil Co. Chief Executive Officer Khalid al-Falih said the world probably will rely for decades to come on fossil fuels, mainly oil, natural gas and coal. “Even though the share of fossil fuels in the energy mix may decline over the longer term, the absolute quantities of energy from these sources will continue to rise simply because total energy demand is set to expand so significantly,” he said in a speech today at the World Energy Congress in Montreal.

US President Barack Obama asked Congress for more than 90 million dollars to reform oversight of the offshore oil and gas industry, following the Gulf of Mexico oil disaster. Some of the money would be raised by more than doubling the fees the government charges firms for inspecting their offshore facilities, Obama told House of Representatives speaker Nancy Pelosi in a letter.

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