In response to the Biden Administration's accusations against the oil industry over failing to invest and price gouging, the American Petroleum Institute has released a 10 point plan to unlock America's energy resources, encourage industry investment, and strengthen global energy security and affordability.
The Institute (API), who may find a more receptive audience than it usually garners, referenced the "global mismatch between demand and supply that has driven higher fuel prices", called out Washington policymakers to support greater U.S. production.
The API called on policymakers first to lift development restrictions on federal lands and waters and reinstate all valid leases in those areas, asking the DOI to roll out a five-year program for the Outer Continental Shelf and hold quarterly onshore leases and reinstate canceled sales.
It also called on Washington to authorize critical energy infrastructure projects that will support the industry along the entire supply chain from production to delivery, streamlining the review and permitted process to whittle it down to a maximum of a year.
The API called for the NEPA permitting process to be revised-namely, by limited the review process to just two years, and has asked Congress to approve pending LNG applications and fix the Natural Gas Act so the DOE has a single approval process for LNG projects.
The API asks the SEC to reconsider its "overly burdensome and ineffective climate disclosure proposal", and asks the current Administration to ensure open capital markets "free from artificial constraints based on government preferred investment allocations".
Steel tariffs should be rescinded for steel purchased from U.S. allies, port congestion resolved, tax provisions expanded and extended for carbon capture, utilization, and storage development, the API said, and called on the FERC to stop its efforts "to overstep its permitting authority under the Natural Gas Act".
Finally, the API asked Congress and current Administration to "support the training and education of a diverse workforce through increased funding of work-based learning and advancement of STEM programs to nurture the skills necessary to construct and operate oil, natural gas and other energy infrastructure."
By Julianne Geiger for Oilprice.com
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Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group. More