API President Jack Gerard statement: "Re-imposition of offshore leasing moratoria would be a giant step backwards."

WASHINGTON – The American Petroleum Institute today issued the following statement from API President and CEO Jack Gerard regarding the “Transition to Green” report issued by 29 environmental groups calling for the reinstatement of the offshore drilling moratoria:

“Re-imposition of offshore leasing moratoria would be a giant step backwards in meeting U.S. energy challenges. We cannot solve our economic problems by making our energy problems worse. The U.S. oil and natural gas industry is committed to working with the new administration and Congress to help restore our economic strength and ensure that we have a secure energy future.

The American people have shown overwhelming support for increased domestic oil and natural gas development.  Election Day exit polls found two-thirds of voters favored offshore drilling where it is not currently allowed.

The economic crisis makes the development of oil and natural gas resources more urgent than ever. The U.S. oil and natural gas industry supports approximately 6 million jobs – 1.8 million people directly employed by the industry, with more than 4 million indirect jobs. Expanded access creates more well-paying job opportunities. In addition, oil and natural gas development on federal lands, both onshore and offshore, means billions of dollars for the U.S. Treasury and state governments in royalties, bonus bids, rentals severance taxes, corporate income taxes and property taxes.”