Bill Bush | 202.682.8114 | bushw@api.org

WASHINGTON, March 11, 2011 — President Obama’s press conference on the administration’s energy policy options failed to address the most important energy challenges facing our nation, according to a statement by American Petroleum Institute President and CEO Jack Gerard:

“Long-term problems call for short-term leadership. Suggesting that we rely on other nations to solve our energy challenges is irresponsible and will not increase our energy security. The Obama administration continues to delay or defer action on developing our domestic resources of oil and natural gas at every turn.

“The trend is alarming. The administration has postponed lease sales in offshore areas. It has cancelled lease sales in onshore federal lands. It has extended permitting timelines for current leases and added unnecessary regulatory burdens. It has chosen inaction on essential energy projects that would create jobs, drive economic growth, and boost federal revenues.

“The administration is well on its way toward creating higher gasoline prices for Americans.

“To get more oil and gas, we need more access. Placing more government lands and waters off-limits and forcing companies to focus on areas that may show little promise even if already under lease will not solve our energy challenges.

“The best thing the administration can do on gasoline prices is to encourage greater oil production and greater fuel efficiency here at home. Launching another gasoline price investigation, when it’s obvious strong demand and world events are driving today’s markets, is pointless.”

API represents more than 450 oil and natural gas companies, leaders of a technology-driven industry that supplies most of America’s energy, supports more than 9.2 million U.S. jobs and 7.5 percent of the U.S. economy, and, since 2000, has invested nearly $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.