Offshore production and safety bill moves debate in right direction

WASHINGTON, May 18, 2011 – API’s Executive Vice President Marty Durbin said Senator McConnell’s offshore production and safety bill (S.953) is pushing the nation’s energy debate in a more constructive direction:

"While the motion to proceed failed, we’re pleased to see the Senate finally consider a bill that turns the energy debate in a more positive direction by recognizing the benefits of greater domestic energy production. Even some senators who opposed the motion did so out of concern that it didn’t go far enough in encouraging more domestic energy development, which could produce as many as one million jobs and trillions in additional government revenues. We hope the discussion leads to realistic policies for a stronger and more secure energy future. The reality is our nation will use substantial amounts of oil and natural gas in the years and decades ahead – even as we embrace greater use of renewable energy – and we can produce more of these resources safely at home, generating jobs, more revenue for our government, and greater energy security.

"We need clear policies that create a path forward for the necessary private investment and planning it will take to meet the 21st century energy needs of our nation. The sooner we have these policies in place the better prepared we will be for our energy and economic future for generations to come."

API represents more than 470 oil and natural gas companies, leaders of a technology-driven industry that supplies most of America’s energy, supports 9.2 million U.S. jobs and 7.7 percent of the U.S. economy, delivers $86 million a day in revenue to our government, and, since 2000, has invested over $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.