WASHINGTON, March 1, 2012—API Vice President for Regulatory and Economic Policy Kyle Isakower issued the following statement to reporters this afternoon:
“We’re calling on the White House to take the lead on coordinating the federal review of hydraulic fracturing. There are currently ten federal agencies reviewing, studying, or proposing regulation of this technology to affordably develop America’s natural gas. The fact is that there is a strong state regulatory system is in place, and adding potentially redundant and duplicative federal regulation would be unnecessary, costly, and could stifle investment.
“We need leadership by the White House to reign in these uncoordinated activities and streamline the process for more efficient reviews.
“We have one of the largest known reserves of natural gas in the world, and we need public policies that are based on sound science in order safely and reliably develop this affordable source of energy.”
API represents more than 490 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 over $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.