WASHINGTON, March 1, 2012 – In remarks to reporters
this morning, API’s Vice President for Regulatory and Economic Policy Kyle Isakower said a wave of possible new federal rules on shale oil and natural gas development could threaten its expansion and the increased jobs and revenue it promises to generate:
“Shale oil and natural gas development in the United States has been a clear economic success story during a time when successes have been few. Our industry has been producing energy, jobs and revenue at a strong clip. And yet we’ve only begun to realize the benefits of energy from shale.
“We’re concerned that there are now 10 separate federal government agencies looking to study and potentially add new and unnecessary layers of regulations on hydraulic fracturing, the technology on which 70 percent of future gas wells depend. More regulation could increase costs and delays for operators, which could harm new projects, sacrificing thousands of new jobs and depriving government of billions in revenue.
“The administration has been advocating more oil and natural gas development. It has also called for streamlining regulations. We believe the administration could do much to achieve both objectives by taking a critical look at what its various agencies are proposing to do on hydraulic fracturing and shale energy development.”
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 more than $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.