WASHINGTON, Oct. 16, 2015 /PRNewswire-USNewswire/ -- The API Director of Upstream Erik Milito released the following statement regarding the Obama administration's decision to deny Arctic offshore development extension requests and scheduled 2016 and 2017 Arctic lease sales:
"Our industry's strong interest in developing our country's vast offshore oil and natural gas resources in Alaska was undermined years ago when the administration began implementing a system of regulatory and permitting unpredictability and uncertainty.
"Investment decisions have been directly thwarted by the policy decisions of the administration related to Alaskan Outer Continental Shelf development, and lease extensions are clearly justified under the circumstances. And while it is not surprising that Interior canceled the remaining lease sales because there was an absence of nominations, it is the significant regulatory uncertainty that has created the reluctance on the part of our industry. Still, America's oil and natural gas industry remains firmly committed to the long-term development of offshore Alaska resources.
"Arctic oil and natural gas represent incredible potential for American energy security, jobs and revenue for the government. Access to the region's oil and natural gas resources will remain necessary to provide energy supplies to meet the world's growing demand and vital to keeping America's status as a world leader in energy."
API represents all segments of America's oil and natural gas industry. Its more than 625 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