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API: Work ahead for energy legislation

WASHINGTON, July 22, 2015 ─ Major elements of a national energy strategy should be added to a draft package approved today by the House Energy and Commerce Subcommittee on Energy and Power, said API.    “The last major energy legislation was crafted in 2007, and important changes are needed to unlock the full economic and security benefits made possible by America’s energy revolution,” said API Executive Vice President Louis Finkel. “America is now a global energy superpower, producing more oil and natural gas than any nation in the world. A truly comprehensive strategy is needed to harness that energy to create well-paying jobs, save consumers money, increase government revenues, and strengthen the security of America and its allies.   “We’re disappointed that the first draft of this bill doesn’t yet include important bipartisan proposals to lift outdated restrictions on exports, expand access to domestic resources, and reform bureaucratic hurdles that stand in the way of infrastructure investments and trade with our North American neighbors. 1970s-era relics like the ban on crude exports only harm consumers and restrict opportunities for U.S. workers. However, this draft does include strong provisions to help train U.S. workers for the next generation of energy jobs, and we are optimistic that other important, pro-growth policies will be added as this package moves through the amendment process.   “America has a stronger, more diverse energy mix than at any time in generations. Updating our laws to reflect a new energy landscape could generate 2.3 million U.S. jobs, add $443 billion per year to the economy, and save the average household $360 per year by 2035, according to a study by Wood Mackenzie.”   Senate Energy and Natural Resources Committee Chair Lisa Murkowski (R-Alaska) has announced that a related energy package may soon be introduced in the Senate.   “House and Senate leaders recognize that this is a work in progress. We urge lawmakers to seize this opportunity to create jobs and support America’s growth as a global energy superpower by lifting outdated roadblocks to oil and natural gas exports, infrastructure, and energy development.”   API is the only national trade association representing all facets of the oil and natural gas industry, which supports 9.8 million U.S. jobs and 8 percent of the U.S. economy. API’s more than 625 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation’s energy and are backed by a growing grassroots movement of more than 25 million Americans.