API: New Offshore Leasing Program 'A Big Step Forward For American Energy Dominance'

The American Petroleum Institute today released the following statement from Vice President of Upstream Policy Holly Hopkins after Secretary of the Interior Doug Burgum directed the Bureau of Ocean Energy Management to begin developing a new schedule for offshore oil and gas lease sales on the U.S. Outer Continental Shelf.

“We applaud Secretary Burgum and the administration for taking action to unleash America’s vast offshore oil and natural gas resources and restore a pro-American energy approach to federal leasing. A new and more predictable five-year program is a big step forward for American energy dominance, and we look forward to working with policymakers to develop a leasing program that reflects both the reality of global energy demand and the benefits of offshore energy production.”

America’s offshore oil and natural gas resources are not only vast, but also among the lowest carbon intensity barrels produced anywhere in the world.

According to the U.S. Energy Information Administration, U.S. offshore production accounts for 14% of total U.S. crude oil production, or nearly 2 million barrels of oil per day. Robust offshore oil and natural gas development could generate over $8B in additional government revenue by 2040.

About The American Petroleum Institute (API)
API represents all segments of America’s natural gas and oil industry, which supports nearly 11 million U.S. jobs and is backed by a growing grassroots movement of millions of Americans. Our approximately 600 members produce, process and distribute the majority of the nation’s energy, and participate in API Energy Excellence, which is accelerating environmental and safety progress by fostering new technologies and transparent reporting. API was formed in 1919 as a standards-setting organization and has developed more than 800 standards to enhance operational and environmental safety, efficiency and sustainability.