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API challenge the Strategic Petroleum Reserve

Hydrocarbon Engineering,

Jack Gerard, API President and CEO, has called for the White House to commit to a long term energy policy that will put thousands of Americans to work.

‘The raiding of the Strategic Petroleum Reserve is an admission supply does matter, butt 30 million barrels won’t even replace what we lost from the President’s moratorium and permitorium in the Gulf of Mexico. Since last May we have lost 60 million barrels of Gulf oil production, and almost US$ 1.5 billion in revenue that should have gone to our government.’

‘With the right policies, the US could bring the equivalent of an additional 5 million barrels of oil a day to the market by 2030, and ensure that 92% of America’s liquid fuels come from secure US and Canadian supplies. We could produce in just six short days what the President is releasing from the SPR. Instead of tapping our insurance policy, the President should be encouraging more US oil and gas development, which would also put thousands of Americans to work and deliver billions more in revenue to our debut burdened government.’

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