American Petroleum Institute CEO criticizes decision on Arctic offshore lease sales
“(The) announcement is a shortsighted decision that ignores America’s long-term energy security needs,” Gerard said. “Our national energy security depends on our ability to produce oil and natural gas here in the U.S., and this decision could very well increase the cost of energy for American consumers and close the door on creating new jobs and new investments for years. We are hopeful the incoming administration will reverse this decision – consistent with the will of American voters."
According to Gerard, removing the Arctic from the five-year plan for offshore lease sales puts the U.S. at a competitive disadvantage with Russia and stands to push the U.S. behind in terms of research and exploration in one of the largest remaining resources for conventional oil and natural gas production.
“The majority of American voters support increased production of U.S. oil and natural gas, yet this administration made the detrimental decision to take an important opportunity for future production off the table, along with hundreds of thousands of potential jobs and tens of billions of dollars in government revenue,” Gerard said. “We need government to embrace the energy renaissance instead of continuing to drag its feet on developing our domestic resources. A forward-looking energy policy can further help American consumers and business, boost the economy, and strengthen our national security.”