26 MAY 2023 WorldWide Drilling Resource® The State of American Energy - The Solution is Here Adapted from Information by the American Petroleum Institute American Petroleum Institute (API) President and CEO Mike Sommers released a new report outlining the policies necessary to make, move, and improve American energy. “The state of American energy is strong and resilient,” 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.” Although U.S. producers increased production in 2022, crude oil production remained one million barrels below record highs set in late 2019 and early 2020, primarily due to government policies, workforce and supply chain limitations, and a chilled investment landscape. Reasonable and smart energy policies will be critical to supporting investment in natural gas and oil production, as well as billions of dollars in large capital projects supporting U.S. economic growth and strengthening U.S. energy security. Petroleum demand is projected to grow over the next few decades and without policies to help create a hospitable environment for investment in future projects, the U.S. will not meet demand and could once again become an importer of foreign energy. As Americans face increasing energy costs, API is urging policymakers to take a more realistic approach to ensure American natural gas and oil are prioritized as long-term strategic assets. The new report focuses on three main components: Make: Lifting restrictions on energy development in federal waters and lands could increase domestic energy production and increase investment in the U.S. economy. Move: New pipeline infrastructure in the Northeast could add 4.6 billion cubic feet per day of natural gas and invest billions locally. Improve: American energy is produced to the highest environmental standards in the world and leading the way to a lower carbon future. “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 . . . to make, move, and improve American energy.” API represents all segments of America’s natural gas and oil industry, which supports more than 11 million U.S. jobs and is backed by a growing grassroots movement of millions of Americans. The institute’s 600 members produce, process, and distribute the majority of the nation’s energy, and participate in API Energy Excellence®, which is accelerating environmental and safety progress by fostering new technologies and transparent reporting. G&O JULY ISSUE ADVERTISING SPACE RESERVATION IS MAY 25th with AD COPY or instructions for us to prepare it for you FREE for advertising in WorldWide Drilling Resource® CALL 850-547-0102
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