WASHINGTON, March 20, 2013 ─ Legislation introduced today by Senator Lisa Murkowski and Senator Mary Landrieu is an important step toward an all-of-the-above energy strategy said API Director of Upstream Industry Operations Erik Milito:

“As today's successful lease sale in the Central Gulf of Mexico demonstrates, the industry is investing billions in American energy development but could do more if additional areas are opened for business. Expanding access could create one million new jobs, generate $127 billion in government revenue in under a decade, and dramatically increase domestic energy production. We are at the forefront of an energy renaissance and we have an opportunity to lead the world on energy by investing in America.

“Offshore revenue sharing should be an important element of a comprehensive national energy plan. According to the federal government’s estimates, oil and natural gas will provide the majority of America’s energy well into the future.

“We applaud the Senators for recognizing the tremendous benefits from revenue sharing that will result directly from oil and natural gas investments.”

API is a national trade association that represents all segments of America’s technology-driven oil and natural gas industry. Its more than 500 members – including large integrated companies, exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms – provide most of the nation’s energy. The industry also supports 9.2 million U.S. jobs and 7.7 percent of the U.S. economy, delivers $85 million a day in revenue to our government, and, since 2000, has invested over $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.