WASHINGTON, November 13, 2009 - American Petroleum Institute President Jack Gerard issued the following statement on the shortening the lease terms for the upcoming Central Gulf of Mexico lease sale:“Today’s action is one more impediment to the development of the domestic oil and natural gas necessary for the American economy to prosper. We wrote to Secretary Salazar three days ago reminding him that this administration has set up a series of roadblocks that discourage the investment necessary to increase domestic energy supplies, create well-paying American jobs, and provide additional government revenues at a time when we desperately need all of them. The shortening of lease terms does nothing to guarantee more discoveries but rather takes away from companies the flexibility necessary to operate in an extremely challenging and risky environment."
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