WASHINGTON, May 22, 2013 ─ Legislation introduced today by U.S. Senators Mark Warner (D-Va.) and Tim Kaine (D-Va.) could boost Virginia’s economy and increase American energy security said API Director of Upstream and Industry Operations Erik Milito.

“This bill is an investment in American energy security and American jobs,” said Milito. “Developing our offshore resources is vital to achieving the all-of-the-above energy plan President Obama has promised. With 87 percent of federal offshore acreage off-limits, unlocking key areas like the Atlantic coast could bring enormous benefits in the form of more energy, more jobs, and more revenue to ease strained government budgets.”

API welcomed the leadership demonstrated by Senators Warner and Kaine and Congressman Scott Rigell (R-Va.), who introduced similar legislation in the U.S. House of Representatives last month.

“There is a bipartisan consensus in Virginia for producing more energy and creating more jobs right here at home,” Milito said. “Virginia has much to gain from offshore drilling.”

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.