The American Petroleum Institute (API) issued the following statement from Senior Vice President and General Counsel Ryan Meyers after a federal court ruled that the previous administration’s attempt to permanently ban new oil and natural gas activity across millions of acres of federal waters was unlawful and exceeded the statutory authority of the executive branch.
“We welcome the court’s decision to vacate 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,” Meyers said. “This ruling marks another important step in advancing a robust new five-year offshore leasing program and ensuring the U.S. can meet rising energy demand.”
According to the U.S. Energy Information Administration (EIA), U.S. offshore production accounts for 14% of total U.S. crude oil production, or nearly 2 million bopd. 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.
Source: worldoil.com