Trade Associations Support Energy and Conservation Act of 2016 (June 30, 2016)
On behalf of the oil and natural gas industry and the diverse companies both small and large that support the industry, we write to express our support for the American Energy and Conservation Act of 2016, which will enhance and secure revenue sharing programs for states that host energy production activities within their borders, off their shores, or both. We commend your efforts to put forward this important legislation and respectfully ask that your fellow Senators join you in support of this bill.
The U.S. has undergone an energy renaissance in recent years that has put millions of Americans to work, generated billions of dollars in revenue for Federal and State governments, and put downward pressure on prices for consumers. Offshore oil production has steadily grown to near record levels and plays a critical role in our economic, energy and national security. Forward thinking energy policy must recognize that the U.S. will continue to need and rely on oil and natural gas for decades to come. In fact, the Energy Information Administration’s (EIA) 2016 International Energy Outlook estimates that global energy demand will rise nearly 50 percent between now and 2040 and fossil fuels will continue to supply more than 75 percent of the energy the world uses in 2040. As such, it is important that the U.S. continue to harness domestic energy production both onshore and offshore.
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