The American Petroleum Institute (API) released the following statement from API President and CEO Mike Sommers in response to a letter President Biden sent to oil refineries today.
“While we appreciate the opportunity to open increased dialogue with the White House, the administration’s misguided policy agenda shifting away from domestic oil and natural gas has compounded inflationary pressures and added headwinds to companies’ daily efforts to meet growing energy needs while reducing emissions.
"I reinforced in a letter to President Biden and his Cabinet yesterday ten meaningful policy actions to ultimately alleviate pain at the pump and strengthen national security, including approving critical energy infrastructure, increasing access to capital, holding energy lease sales, among other urgent priorities.
“Ahead of his travel to the Middle East next month, we urge the President to prioritize unlocking U.S. energy resources - that are the envy of the world - instead of increasing reliance on foreign sources.”
U.S. refiners today are running at or near capacity to meet demand with throughput and fuel production near the top of the 5-year range, but still demand is outpacing supply. Yesterday, API released the 10 in 2022 plan, which outlines 10 actions policymakers can take right now to confront the global mismatch between energy demand and available supply that has driven higher fuel prices by supporting greater U.S. production and infrastructure.
API represents all segments of America’s natural gas and oil industry, which supports more than 11 million U.S. jobs and is backed by a growing grassroots movement of millions of Americans. Our nearly 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.