Posted May 16, 2018
For some time we’ve stressed that offshore oil and natural gas production is compatible with a variety of other ocean uses such as fishing and tourism – and most significantly, with the U.S. military’s need for open-water areas to conduct training exercises, advanced weapons testing and the like. Industry has a long track record of developing offshore energy in a manner that successfully coexists with the military’s needs in the Gulf of Mexico and other areas.
The same would be true in the Eastern Gulf of Mexico if a moratorium on offshore development there, in place since 2006, is allowed to expire in 2022 – creating access to key new areas for safe exploration and development of strategically important oil and natural gas. A new analysis by the Defense Department agrees.
Posted May 10, 2018
The facts that crude oil prices are up 9 percent since the end of March and that crude oil currently accounts for 57 percent of the consumer’s price for gasolinemean that consumers have felt the impact at the pump of relatively large and sudden changes. As domestic crude oil prices recently increased above $70 per barrel for the first time since November 2014, let’s revisit current oil market fundamentals and other factors that have elevated prices.
By understanding the drivers of prices, American consumers may be more aware of how U.S. policy outcomes – such as more domestic natural gas and oil production, a strong U.S. dollar, low price inflation, avoidance of tariffs, quotas and other protectionist measures that undermine free trade, and peaceful international relations – could help put downward pressure on crude prices that ultimately benefits consumers.
Posted May 2, 2018
The most recent federal Gulf of Mexico oil and natural gas lease sale was described in some media reports as “disappointing,” “modest” and “tepid.” But there’s another, more positive way to look at it.
First, every offshore lease sale the federal government holds is welcome by industry, because each represents new opportunity for the market to work as it should – with companies making investment decisions based on the potential for significant natural gas and oil production.
A more important point underscored with the Gulf sale is one we’ve been making for some time – that the federal government needs to make available new offshore areas for study, research, exploration and development.
Posted January 29, 2018
Posted January 25, 2018
Posted November 1, 2017
Posted July 28, 2017
It’s a positive step – for U.S. energy, economic growth, consumer benefits and climate progress – for the Bureau of Land Management (BLM) to begin rescinding its 2015 hydraulic fracturing rule – one that we argue duplicates existing and effective state regulation and risks delaying energy development, potentially impacting consumers. The agency should follow this up by moving swiftly to improve the permitting process for natural gas and oil development on federal lands, as Interior Secretary Ryan Zinke ordered earlier this month.
Posted May 1, 2017
Last week’s presidential executive order embracing increased access to America’s offshore natural gas and oil reserves jumpstarts an important conversation about the needed, positive steps to make the United States’ energy future more secure. With 94 percent of federal offshore acreage currently off limits to development, there are more questions about that future than if safe offshore access was the rule instead of the exception to the rule. The president’s order begins the process of changing the offshore equation. API Upstream Group Director Erik Milito talked about the offshore executive order and the need to build on it during a conference call with reporters.
Posted April 28, 2017
Posted April 18, 2017
Recent developments represent a significant shift of Washington’s approach to the new reality brought by America’s energy renaissance. All signal a new embrace of safe and responsible domestic oil and natural gas development. All inherently acknowledge that growing U.S. oil and gas production can continue benefiting American consumers, businesses and manufacturers with affordable, reliable energy that supports economic growth and strengthens U.S. security – while playing the major role in U.S. carbon dioxide emissions from electricity generation fall to their lowest levels in nearly 30 years.