The American Petroleum Institute (API) praised the U.S. Senate Energy and Natural Resources Committee for advancing two bills last week that promise to improve the nation as an energy leader.
The two bills include the Offshore Productions and Energizing National Security (OPENS) Act of 2015, and the the Energy Policy Modernization Act of 2015.
In addition to removing a ban on crude exports that dates back the 1970s, the bills are meant to streamline the approval process behind liquefied natural gas (LNG) exports, train workers, expand coastal regions’ opportunities offshore and speed infrastructure improvements, all of which will benefit the U.S. economy.
“Free trade in energy will allow America to harness the full economic opportunities created by our energy revolution,” API Executive Vice President Louis Finkel said. “America is now the world’s largest natural gas producer, and our LNG exports will promote stronger domestic energy production, create more American jobs, and protect the security of the U.S. and its allies.
Finkel said the OPENS Act will allow more coastal regions to benefit from energy development.
“Every state that hosts oil and natural gas development off its shores should get a fair share of the revenue collected by the federal government," he said. "This effort will create new economic opportunities for thousands of American workers, grow the economy, and strengthen the energy security of America and its allies.”
The bipartisan Energy Policy Modernization Act includes provisions to help train U.S. workers for the next generation of energy jobs and streamlines the permitting process for natural gas pipelines
“Together, these two bills include vital components of any truly comprehensive energy strategy,” Finkel said. “The last major energy legislation was crafted in 2007, and the time has come to unlock the full economic and security benefits now available to U.S. consumers and workers. We urge the House and Senate to quickly send this important legislation to the president’s desk.”