Although the oil and natural gas industry was not invited to the White House Jobs Summit yesterday, API today unveiled a legislative proposal that could create hundreds of thousands of jobs.
Among the provisions contained in the legislation are proposals to:
- Repeal the moratoria on oil and natural gas development in the Eastern Gulf of Mexico;
- Require the Interior Department to hold a lease sale in certain Eastern Gulf areas where natural gas is known to exist within one year of passage;
- Provide assurances that the 2010-2015 offshore five-year leasing plan will move forward; Authorize leasing within the Arctic National Wildlife Refuge (ANWR);
- Establish revenue sharing beginning in 2017 for coastal states with production off their coasts thereby providing them a portion of the royalty pay... more »