The American Petroleum Institute has joined with the states of Alabama, Alaska, Georgia, Louisiana and Mississippi in filing a challenge to the Biden administration’s ban on new oil and natural gas leasing across millions of acres of federal waters.
'Today we’re taking action to reverse this politically motivated decision and ensure our nation’s vast offshore resources remain a critical source of affordable energy, government revenue and stability around the world,' API Senior Vice President and General Counsel Ryan Meyers said. 'As we move forward with a legal challenge, we continue to urge Congress and the incoming administration to use every tool at their disposal to restore a pro-American energy approach to federal leasing.'
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 $8 billion in additional government revenue by 2040.
America’s offshore resources are not only significant for our energy security, but also generate among the lowest carbon-intensive barrels produced anywhere in the world.
Reversing this politically-motivated decision should be a top priority for the Congress. API has also urged the incoming administration to draft a new 5-year offshore leasing program, changing course from the weakest offshore program in history under the Biden administration.
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.
Source: API
