The American Petroleum Institute pointed out: The increase in production in the United States is not Biden's credit at all!
U.S. oil and gas production is booming, but the industry's top ** organization warned Washington, saying**The current policies in place could jeopardize the country's energy strength.
The outlook was released Wednesday at its annual meeting in Washington, D.C., which aims to highlight policy priorities. Current concerns about climate change and global conflict have exacerbated tensions around fossil fuels**.
According to a report from the U.S. Energy Information Administration (EIA).U.S. oil production hit an all-time high in 2023 and is on track to soar to a new high this year
API President Mike Sommers said in an interview Tuesday that this has tangible benefits for U.S. consumers and the oil industry, butThis is the result of the efforts of previous editions。sommers said
"While there is a silver lining to the increase in production, we are very concerned about what the dark clouds will look like in the future if we don't adopt policies now. The ongoing signals from this session, and the policies they are pursuing, make us worry that they are planting the seeds for the next energy crisis. ”According to an analysis by API, U.S. oil production has increased by about 1.6 million barrels per day since Biden took office, a record high. However, most of them are the result of previous generations. In general,Oil and gas leases approved during Biden's tenure can take years to bear fruit
Currently, Biden is facing increasing pressure from climate activists to block oil and gas projects that are deemed to be out of sync with global warming and the urgent need to gradually reduce fossil fuel use.
API, which represents some of the largest oil, pipeline and ** companies in the United States, is urging Biden to expedite the approval of energy projects, including licenses to export liquefied natural gas widely around the world, as well as opportunities for more production on American soil.
The industry is concerned that the next three potential bay field lease sales could be significantly scaled back or cancelled altogether. Mr Sommers said it was a "huge concern", noting that oil and gas production in the Gulf of Mexico has a relatively good environmental impact compared to other regions.
As part of the Inflation Reduction Act, the industry group welcomed the changes to the methane fee, but oil and gas companies warned lawmakers not to make a massive revision of the methane fee that could jeopardize tax incentives that support carbon capture, hydrogen production and other businesses.
API is launching a new, multi-year, eight-figure campaign to highlight the importance of U.S. oil and gas to the U.S. economy and meeting the world's growing energy needs.