API Chief Economist John Felmy told reporters this afternoon that more oil and natural gas development is important to meeting America’s future energy needs and keeping downward pressure on gasoline prices. He also outlined steps consumers could take to use gasoline more efficiently, which could also help address prices:
“If U.S. policymakers are serious about helping consumers, they’ll help expand opportunities for more oil and gas development. They’re not getting that job done now.
“Energy policy should encourage more development on public lands and federally controlled waters, ensure regulations are reasonable, and require faster project approvals. With these steps, we could begin to increase oil production almost immediately and encourage the investments that could provide more significant additions to supply within a few years.
“Besides increasing our oil supplies, more development also would create large numbers of new jobs and increase revenue to our government.
“Consumers can help trim demand – and put downward pressure on prices – by using gasoline and other fuels more efficiently.”
API represents more than 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.
More supply and fuel efficiency can help address gasoline prices