API reports that access for development allows oil and natural gas industry to be a major revenue generator for Federal and state governments

12/11/2018

WASHINGTON -- The American Petroleum Institute released the following statement regarding the Department of the Interior’s presentation of nearly $500 million in revenue awarded to New Mexico from oil and natural gas production on federal lands:

“The U.S. oil and natural gas industry continues to lead the way in bringing large economic benefits – including investments and jobs - to communities across the country, as well as affordable and reliable energy,” said API’s V.P. of upstream and industry operations Erik Milito. “Successful onshore lease sales such as this one in New Mexico is an example of how oil and natural gas brings tangible benefits - like newly paved roads, upgraded school buildings, and better funded land and water conservation projects – to communities across the nation.

“New Mexico has already benefited from over 90,000 jobs supported and 13% of its GDP from the oil and natural gas industry in 2015, so this is just the icing on the cake in terms of economic and environmental benefits that the state wouldn’t otherwise see.

“Offshore lease sales are just as beneficial as onshore ones and could bring the same types of much-needed benefits to many states along the Atlantic coast and Eastern Gulf of Mexico. Communities in states from Virginia to Florida could see billions in state revenues, improved infrastructure, and thousands of new jobs.

“Advanced technologies, best practices, and industry standards allow the oil and natural gas industry to safely and responsibly explore and develop both onshore and offshore. As a result of a recent technological revolution that the industry is driving, we’re seeing record U.S. production – passing Saudi Arabia and Russia – to become the number one producer, while also becoming the number one reducer in emissions as well.

“A great example of this is The Environmental Partnership, which is an industry-led program that is made up of 54 oil and natural gas producing companies representing nearly one-third of the industry’s production, who are working unceasingly to advance their environmental performance.

“Opportunities through these important lease sales will help enable the U.S. to continue being a global energy leader, as well as to shape everything from the geopolitical map to Americans’ quality of life for decades to come.”

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