American Petroleum Institute (API) Chief Economist, John Felmy has said that Memorial Day travellers the businesses that cater to them are reaping the benefits of increased US oil and natural gas production. Felmy said, “as we head into the Memorial Day weekend, motorists are getting some welcome relief at the pump. Thanks to hydraulic fracturing and horizontal drilling, the US is experiencing a renaissance in domestic oil and natural gas production. The benefits for US consumers, as well as manufacturers, the travel and tourism industry and frankly our entire economy, are hard to overstate.”
The national average gasoline price is approximately US$1/gal. less than it was at this time last year, AAA have reported.
Felmy continued, “government policymakers should not take these things for granted. In order to maintain a robust supply of domestic oil, it is essential that the industry be allowed to affordably and predictably explore for and develop new resources. That means companies must be able to lease acreage and obtain permits in a timely fashion. It also means the federal and state governments should avoid punitive tax regimes that would cause energy companies to look elsewhere for the best opportunities. Geopolitical turmoil that takes foreign oil supplies offline can be difficult to predict or control, but the US will always have control over how much energy we produce here at home. With the right policies, our energy renaissance can endure for decades and help even more families afford to take a vacation on Memorial Day weekend.”
Edited from press release by Claira Lloyd
Read the article online at: https://www.hydrocarbonengineering.com/refining/22052015/memorial-day-travel/