John Felmy, API Chief Economist has said that the latest IEA report reaffirms that record US domestic oil and natural gas resources are a big opportunity to create jobs and government revenue that no one predicted even 10 years ago.
‘Today’s IEA announcement affirms that the US can use its ample supply of oil and natural gas to be a world leader on energy. This opportunity is driven by American ingenuity that has advanced technologies to safely develop energy from shale.
‘The shale revolution in America is just beginning. We have an unprecedented opportunity to create millions of new jobs and generate hundreds of billions of dollars for our government. With the right public policies and government leadership, this could be a game changer for the US and the global energy landscape.
‘In order to move forward with this remarkable opportunity, we must avoid public policies that raise taxes, impose burdensome and unnecessary regulations, or pit one energy source against another. The administration must acknowledge the effective role states are already playing in regulating oil and natural gas production and avoid the temptation to impose unnecessary and duplicative federal regulations on hydraulic fracturing. By following through on his own executive order to eliminate overly burdensome regulations, President Obama can rein in plans to impose regulatory burdens that could cost businesses hundreds of billions of dollars and chill economic growth.'
Adapted from press release by Claira Lloyd
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/14112012/iea_report_positive_123/