Every barrel of oil that we produce around the world benefits Americans because it keeps prices down. We can talk more later about American energy independence, but the facts are, every barrel we produce helps Americans because it keeps prices down.

The greatest advancements in living standards over the past century have been coincident with affordable energy.

I believe in free markets. I believe in free trade. I believe in creating the conditions that will allow that to happen. And if we do that, American companies are going to be pretty darn competitive.

First, the oil and gas business pays its fair share of taxes. Despite the current debate on energy taxes, few businesses pay more in taxes than oil and gas companies. The worldwide effective tax rate for our industry in 2010 was 40 percent. That's higher than the U.S. statutory rate of 35 percent and the rate for manufacturers of 26.5 percent.