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API welcomes House action to move comprehensive energy bill

Reid Porter | | 202.682.8114

WASHINGTON, May 25, 2016 – The American Petroleum Institute applauded today’s action by the U.S. House of Representatives to pass its amendment to S. 2012, the Energy Policy Modernization Act, and vote to go to conference with the Senate to advance comprehensive, bipartisan energy legislation that will expedite LNG export permitting and ensure natural gas pipelines are permitted more efficiently.

“Today marks another critical step by Congress to enact a comprehensive energy package that reflects America’s new energy reality,” said API Executive Vice President Louis Finkel. “The United States is now the world’s leading producer of oil and natural gas, and we need a forward-looking energy policy if we are to remain an energy superpower and maintain global competitiveness.

“It’s time for our nation to fully embrace the vast economic and geopolitical opportunities unleashed by the U.S. energy renaissance. Allowing American natural gas to compete in the world market will create jobs, ensure that consumers across the globe have access to stable, diverse energy supplies and enhance national security.

“Independent reports show exporting U.S. LNG will reduce global greenhouse gas emissions. In fact, the U.S. is leading the world in reducing carbon emissions, which reached a 22-year low in 2015 thanks to industry innovation and the increased use of natural gas in power generation.

“In addition, we need to invest in safe, reliable infrastructure. Setting realistic deadlines for approving pipelines, which are one of the safest and most efficient modes to transport product, will enhance the delivery of affordable energy that consumers need.

“This energy renaissance has created unprecedented opportunities for Americans of all backgrounds. A recent IHS study estimates that nearly 1.9 million job opportunities could be created through 2035 in America’s oil, natural gas and petrochemicals industries. These are good-paying careers that pay an average of nearly $50,000 higher than the U.S. average. This legislation promotes education and workforce training and development, which will help ensure that underrepresented communities have competitive access to job opportunities in the energy sector.”

Earlier today, API sent a letter to members of the U.S. House of Representatives urging them to seize this opportunity and support its amendment to S. 2012 and the motion to move to conference. We now urge the Senate and House to work together and move quickly to get this bipartisan energy legislation to the president’s desk for signature.

API is the only national trade association representing all facets of the oil and natural gas industry, which supports 9.8 million U.S. jobs and 8 percent of the U.S. economy. API’s more than 650 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation’s energy and are backed by a growing grassroots movement of more than 30 million Americans.