WASHINGTON, March 28, 2012 - API Upstream Director Erik Milito said that the administration’s announcement to allow for seismic exploration for oil and natural gas along parts of the east coast, excluding the north Atlantic, is a conversation starter, but not the forward-thinking, comprehensive energy policy that has been missing from this administration.
“This is a conversation starter that has been more than three years in the making, but the path forward remains unclear. Without an Atlantic coast lease sale in their five-year plan, the administration’s wishful thinking on seismic research has no ultimate purpose. The White House has banned lease sales in the Atlantic for at least the next five years, discouraging the investment and job creation, and ultimately production, which would make seismic exploration valuable.
“This is political rhetoric to make it appear the administration is doing something on gas prices, but in reality it is little more than an empty gesture.
“The administration’s announcement does not put us on track to produce more of our own energy, and it does not make up for three years of failed energy policy. It continues the pattern of delaying U.S. oil and gas development and supplies until well into the future.”
API represents 500 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 more than $86 million a day in revenue to our government, and, since 2000, has invested more than $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.