The American Petroleum Institute (API) released a new report Tuesday outlining the policies it says need to be made to prioritize U.S. natural gas and oil as a long-term strategic asset.
The plan, unveiled during API’s annual State of American Energy event, focuses on three key areas – lifting restrictions on energy development on federal lands and in federal waters, adding new pipeline infrastructure in the Northeast, and improving standards that lead the way to a lower-carbon future.
“The state of American energy is strong and resilient,” API President and CEO Mike Sommers said. “But we need policies to enhance the American energy supply chain and not hinder it. The State of American Energy could be much stronger through bipartisan cooperation, a reversal of rhetoric from the administration, and serious policies that encourage investment and enable development.”
The plan urges policymakers to take a more realistic approach to ensure that American natural gas and oil are prioritized as long-term assets.
API officials said policymakers in Washington should do more to support investment in new U.S. natural gas and oil by putting in place reasonable and smart energy policies. Those policies include a robust five-year offshore leasing program through the U.S. Interior Department; federal rules that would protect refining technology competition and allow U.S. refineries to use critical process technologies to get fuels to consumers; and support for energy investment by reconsidering the Securities and Exchange Commission’s overreach on climate disclosure, as well as support on needed capital investments.
Officials also said more needed to be done to get more energy to meet rising demand by increasing investments in natural gas and oil and the policies surrounding those investments, including designating energy infrastructure in the national interest and eligible for streamlined review; advancing guidance on tax credits for carbon capture, utilization and storage to reduce the nation’s carbon footprint; making the permitting process for low-carbon infrastructure consistent, timely and predictable; and supporting STEM education.
Lastly, the plan seeks to meet energy demand with reliable, accessible energy while reducing greenhouse gas emissions by continuing to innovate as an industry.
“We know the solution is here. Government policy must reflect our resource abundance, our ability to build, and our willingness to get better every step of the way,” Sommers concluded. “API and our industry are here for it. Ready to do the work. Ready to put in the time—this year, with this administration, with this new Congress—to craft and enact bipartisan policies to make, move, and improve American energy.”