There’s great opportunity to responsibly develop Alaska’s great oil and natural gas resources. This should be guided by a forward-thinking regulatory framework that prioritizes regularly scheduled lease sales as necessary to enhance U.S. energy security and maintain America’s position as a global energy superpower.
While a number of policies and actions would support America’s recent energy progress, none is more important than opening new access to oil and natural gas reserves in federally controlled areas, offshore and onshore – the latter where production has declined in recent years.
Washington is having a discussion right now about reforming the tax code, no doubt reflecting the importance of taxes and the economy during the 2016 election campaign. The right approach will seek reforms that foster job creation and economic growth, and, encouragingly, that’s what the new administration has talked about in its early days. This approach should be applied to our industry as well.
A new era of U.S. energy exports is under way. The United States started freely trading crude oil in January 2016, following congressional legislation to end a 1970s-era ban on exports. The same month the first cargo of U.S. LNG produced from shale left Cheniere Energy’s Sabine Pass export terminal. Last month, export volumes from Sabine Pass reached a record 1.476 billion cubic feet of gas equivalent, according to Platts Analytics. Exports of LNG and crude oil both offer multiple economic benefits.
The first 100 days of a new presidential administration present an opportunity to establish priorities that will guide government policy for the next four years. Maintaining and strengthening the U.S. advantage as the world’s leading producer and refiner of oil and natural gas should be a top focus – not only for our energy security but for the economic, national security and environmental benefits oil and natural gas reliably provide.
The American people have a firm understanding of the importance of oil and natural gas. Recent survey results reveal that more than 80 percent of voters agree that U.S. oil and natural gas production can help achieve each of their most important priorities: job creation, economic growth, lower energy costs and energy security.
Think about energy. It’s all around us – in fuels and products that make life better, more comfortable. Yet, energy’s value goes even deeper: What do you want to do? Where do you want to go? What do you want to become? Energy is integrally involved in the answers to all three. It’s absolutely fundamental to both prosperity and opportunity.