WASHINGTON, April 26, 2016 /PRNewswire-USNewswire/ -- The API called on the administration to maintain and promote U.S. oil and natural gas development through the Bureau of Ocean Energy Management's (BOEM) 2017-2022 offshore program, API Group Director of Upstream and Industry Operations Erik Milito said today in a briefing with journalists.
"Rising U.S. production has dramatically increased our ability to protect consumers and the U.S. economy from energy shocks even within a low price environment," said Milito. "Forward-looking energy policy recognizes long lead times needed for offshore energy development. The nation's long-term energy security can only be ensured with a lasting commitment to expanding offshore oil and natural gas development to new areas."
In 2010, over 30 percent of the oil and 11 percent of the natural gas produced in the United States was produced in the Gulf of Mexico, according to the U.S. Energy Information Administration (EIA). New projections by the EIA estimate that Gulf of Mexico production will increase to record high levels in 2017. This and other data have informed BOEM's analysis, recently released as part of the 5 year program's decision document, and led the agency to state that "there is no reason to exclude any of the proposed program areas in the Proposed Program Options based purely on the price of oil and gas."
"The five year program is a critical part of our nation's ability to secure affordable and reliable energy and create jobs for future generations of Americans," said Milito, ahead of the public hearing held in Washington, D.C., on offshore areas in the program. "Too many promising areas are already excluded from the proposal, taking off the table thousands of potential jobs and billions of dollars in potential government revenue. Knowing that oil and natural gas will be needed for many more decades to come, the Department of the Interior should promote robust development of U.S. offshore energy resources and recognize the Arctic and Gulf of Mexico as core components of the five year program."
API is the only national trade association representing all facets of the oil and natural gas industry, which supports 9.8 million U.S. jobs and 8 percent of the U.S. economy. API's more than 650 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation's energy and are backed by a growing grassroots movement of more than 30 million Americans.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/api-key-moment-for-next-decade-of-us-energy-leadership-and-affordable-energy-300257776.html
SOURCE American Petroleum Institute