API on Final NPR-A Rule: A Step in the Wrong Direction for American Energy Leadership

Source: www.gulfoilandgas.com 4/19/2024, Location: North America

The American Petroleum Institute (API) today released the following statement from Senior Vice President of Policy, Economics and Regulatory Affairs Dustin Meyer on the Biden administration’s restrictive final rule managing energy development in Alaska’s National Petroleum Reserve:

“This misguided rule from the Biden Administration sharply limits future oil and natural gas development in Alaska’s National Petroleum Reserve, a region explicitly intended by Congress to bolster America’s energy security while generating important economic growth and revenue for local Alaskan communities. At a time when the world is looking for American energy leadership, this is yet another step in the wrong direction.”

In December 2023, API submitted comments to BLM and raised concerns that the proposed regulatory changes restrict energy development, jeopardize economic growth for native communities and ignore Congressional intent. The comments also emphasized the economic and national security benefits of the oil and natural gas industry in Alaska, which supports nearly 70,000 direct and indirect Alaska jobs. Revenue derived from oil and natural gas development provides the vast majority of revenue for the North Slope Borough (95%), which is then used to provide a wide range of essential public services. According to data from the U.S. Geological Survey, NPR-A is estimated to hold 8.7 billion barrels of oil and 25 trillion cubic feet of natural gas, supplying critical resources that will bolster U.S. energy security now and into the future.


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