Washington – API today urged swift enactment of H.R.4899, which would allow greater domestic oil and natural gas development in federally controlled areas offshore, onshore and in Alaska while streamlining leasing and permitting. The U.S. House of Representatives is expected to vote in favor of the bill later today.
“An energy renaissance on state and private lands has created hundreds of thousands of jobs and helped consumers save on energy,” said API Upstream Group Director Erik Milito. “But due to obstacles imposed by the federal government, production from federal lands has significantly lagged behind the rest of the country.”
U.S. production of crude oil and natural gas on state and privately owned lands rose from 2009 to 2013 by 61 percent and 33 percent, respectively, according to the Congressional Research Service. On federal lands and offshore areas, production of crude oil dropped by 6 percent and natural gas by 28 percent over the same period.
“Reducing obstacles to oil and natural gas production on federal lands and waters could kick our economy into high gear, create jobs across the country and generate billions of dollars in revenue for the government,” said Milito.
The legislation also allows every coastal state the opportunity to share a percentage of government revenues generated by energy production off its coast.
API represents all segments of America’s oil and natural gas industry. Its more than 600 members produce, process, and distribute most of the nation’s energy. The industry also supports 9.8 million U.S. jobs and 8 percent of the U.S. economy.
SOURCE: American Petroleum Institute