WASHINGTON, March 15, 2016 /PRNewswire-USNewswire/ -- API President and CEO Jack Gerard said the administration's offshore oil and natural gas policy is inconsistent with the will of American voters, governors and members of Congress who overwhelmingly support offshore oil and natural gas exploration and development.
"The decision appeases extremists who seek to stop oil and natural gas production which would increase the cost of energy for American consumers and close the door for years to creating new jobs, new investments and boosting energy security," said Gerard. "This is not how you harness America's economic and diplomatic potential. While benefiting from energy policy choices made more than a decade ago, this inconsistent policy leads to unraveling the nation's ability to be a global energy leader and has left the future of American energy and national security vulnerable for the geopolitical challenges that lie ahead.
"This decision stunts the safe and responsible path to securing the domestic energy supplies future generations of Americans will need. This also wipes out an opportunity to create scores of additional new jobs for Americans along the Atlantic coast and nationwide, while also erasing millions more in revenue to the government. Expanding offshore development is a key part of that equation."
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.
SOURCE American Petroleum Institute