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09 09, 2020 by LMOGA + API
WASHINGTON, September 9, 2020 – The Texas Oil and Gas Association (TXOGA), Louisiana Mid-Continent Oil and Gas Association (LMOGA), and the American Petroleum Institute (API) today released a new analysis
warning of negative consequences from a proposed ban on federal leasing on natural gas and oil development on public lands and waters. The offshore Gulf of Mexico accounts for over 15 percent of U.S. oil production. The analysis projects local economies in the Gulf Coast region would be among the hardest hit areas with more than 200,000 job losses by 2022 and millions of dollars in reduced revenue.
“An affordable and reliable energy supply is essential to a strong America, and banning energy development on federal lands and in offshore waters not only threatens thousands of the best paying jobs but needlessly erases much needed revenue that helps pay for schools and other essential services,” President of the Texas Oil and Gas Association Todd Staples said. “American oil and natural gas is safe, clean and abundant, and misguided policies will only stifle our nation’s energy progress.”
“Louisiana’s oil and natural gas industry has a long history of driving the economies of the Gulf Coast and providing energy security for America,” Vice President of the Louisiana Mid-Continent Oil and Gas Association Lori LeBlanc said. “The impact of a ban on federal leasing would have devastating impacts on the livelihoods of thousands of Louisiana families and on the communities that depend on our tax revenues for critical operating resources for local governments, and protection and resiliency of our coast. At a time when our state needs revenue the most, in the wake of Hurricane Laura, banning leasing in federal waters is backwards policy.”
“The impact of a ban on federal leasing would have devastating impacts on the livelihoods of thousands of Louisiana families and on the communities that depend on our tax revenues for critical operating resources for local governments, and protection and resiliency of our coast."
“A ban on federal leasing and offshore development would have devastating consequences for America’s largest energy corridor, with local communities along the Gulf Coast projected to lose thousands of jobs and millions in state revenue,” API President and CEO Mike Sommers said. “This would be a backwards approach to U.S. energy policy, not only hurting the Gulf Coast region but diminishing America’s role as a global energy leader and undermining environmental progress.”The analysis, prepared for API by OnLocation, used the same software the U.S. Energy Information Administration (EIA) uses to produce their Annual Energy Outlook. Key projections include:
The analysis comes on the heels of a newly released poll by Morning Consult showing two-thirds of voters in key battleground states and other states would be more likely to vote for candidates who support access to natural gas and oil produced in the U.S. 93 percent of those registered voters find that it is important for the U.S. to produce enough energy to avoid being dependent on other countries.
Click here for more information on the analysis. Click here for more information on federal leasing.
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Sep 09, 2020 | LMOGA + API