More supply and fuel efficiency can help address gasoline prices

Source: API 

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.


Sign up for PennEnergy's eNewsletters
For Email Newsletters you can trust


Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs