API: New Areas to Offshore Oil and Gas Development Need Opening

The Interior Department should open new areas to offshore oil and natural gas development as it writes the schedule of lease sales for 2017 to 2022, API Senior Policy Advisor Andy Radford told reporters on a press conference call.

“The United States has a long and successful history of producing oil and natural gas offshore, but government restrictions keep 87 percent of federal offshore waters locked away. Our energy renaissance has put millions of Americans to work, generated billions of dollars in revenue for the government, and put downward pressure on prices for consumers. But earlier this month, the International Energy Agency reported that we could fall behind OPEC countries if U.S. production plateaus, which IEA says could add $15 per barrel to the price of oil,” said Radford.

He further said:  “Opening new areas like the Atlantic and eastern Gulf of Mexico would send a signal to the markets and to the world that America’s oil and natural gas renaissance is here to stay. America’s long-term energy security can only be ensured with a lasting commitment to expanding oil and natural gas development both on and offshore.”

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Press Release, June 16, 2014; Image: API