API: Supporting Energy Policies Helps US Economy

The administration can do more to help America’s economy by supporting energy policies that encourage America’s oil and natural gas revolution, API Group Director for Upstream and Industry Operations Erik Milito told reporters this morning:

“We need our leaders to ensure that oil and natural gas development is not just tolerated but encouraged. Unfortunately, in federal areas where the administration controls development, production over the 2009-through-2012 period has been down, 6 percent for oil and 21 percent for natural gas, according to a recently issued report from the Congressional Research Service. In contrast, on private and state lands, where development does not need permission from the federal government, oil production is up 31 percent and natural gas production is up 25 percent.

“A forward-looking program that ensures development and expands opportunities for oil and natural gas could create more than a million additional new American jobs and generate hundreds of billions more in revenue for government at all levels, while providing large supplies of more affordable and reliable domestically produced energy for our future.

“The administration should embrace this opportunity. It needs to make a real commitment to safe and responsible access to new oil and natural gas prospects in federal areas, speedier permitting, and more sensible regulations that will both spur new oil and natural gas production and encourage a robust refining industry capable of producing the gasoline, diesel and other fuels that America will be demanding.”

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LNG World News Staff, March 28, 2013