API Chief Economist John Felmy told reporters on 23rd May that more oil and natural gas development is important for the US’s future energy needs. The development is needed to keep a downward pressure on gasoline prices. Felmy also outlined steps consumers could take to use gasoline more efficiently, which could also help address prices.
"If US policymakers are serious about helping consumers, they’ll help expand opportunities for more oil and gas development. They’re not getting that job done now.
"Energy policy should encourage more development on public lands and federally controlled waters, ensure regulations are reasonable, and require faster project approvals. With these steps, we could begin to increase oil production almost immediately and encourage the investments that could provide more significant additions to supply within a few years.
"Besides increasing oil our supplies, more development also would create large numbers of new jobs and increase revenue to our government.
"Customers can help trim demand, and put downward pressure on prices, by using gasoline and other fuels more efficiently."
Adapted from a press release by Claira Lloyd
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/24052012/keeing_gasoline_prices_down/