In letters to members of the Senate and House leadership, API President and CEO Red Cavaney said the oil and natural gas industry has “grave concerns” about the potential effects of separate energy bills proposed in each chamber. Cavaney warned the legislation would do little to increase U.S. supplies of oil and natural gas. “In fact, (the proposals) may well result in less domestic production and increased dependence on foreign oil,” Cavaney wrote in a letter addressed to House Speaker Nancy Pelosi. “By denying states a fair share of revenues, including royalty payments, the Democratic leadership bill removes an important incentive for states to open up to drilling. New, punitive taxes and higher fees targeting the oil and natural gas industry could push investment overseas, reducing U.S. production, U.S. jobs and U.S. revenues.”
Text of Cavaney Letter to Senate
Text of Cavaney Letter to House of Representatives Speaker Nancy Pelosi