Cathy Landry | 202.682.8122 | landryc@api.org
WASHINGTON, February 25, 2009 – Larry Nichols, chairman of the American Petroleum Institute, told the U.S. House Natural Resources Committee that allowing development in areas of the Outer Continental Shelf that had been off-limits for 27 years would generate much-needed revenues to federal, state and local governments and add well-paying American jobs.
"We need to find and develop our offshore natural gas and oil resources in an orderly, efficient, and environmentally sound way. By so doing, we can help put America on the road to economic recovery and help ensure our nation’s energy security for decades to come," said Nichols, who also is chairman and chief executive officer of Devon Energy Corporation, the nation’s largest independent oil and natural gas producer.
Even as the share of renewable fuels grows rapidly, oil and natural gas will continue to meet over half of nation’s energy consumption in 2030, according to the federal Energy Information Administration.
Despite the sharp drop in gasoline prices from last summer’s record highs, polls show continued strong support among Americans for increased domestic energy development, Nichols said. In a poll this month, 61 percent of Americans said they supported greater access to offshore oil and natural gas resources, with only 26 percent opposed to greater access.
Energy development benefits the economy, Nichols said. A recent ICF International study commissioned by API, found that development of oil and natural gas resources that had been kept off-limits by Congress for decades could bring in $1.7 trillion to federal, state and local government over the life of the resources and create more than 160,000 new jobs in 2030. Many of those jobs are in exploration and production, which pay more than twice the national average.
Oral Statement of API Chairman Nichols on behalf of API before the House National Resource Committee
Testimony of API Chairman Nichols on behalf of API at the House Natural Resources Committee Hearing on Offshore Development
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