The American Exploration and Production Council (AXPC) sent a letter to the US House Committee on Energy and Commerce’s today in regard to the subcommittee hearing examining energy pricing in the oil market. In the letter, AXPC explained the causes of price increases and outlined policy recommendations for Congress and the administration to help put some stability into the market. In the letter, AXPC CEO Anne Bradbury explains:
The impact of increasing energy costs is of critical importance to American families, small businesses, and the economic and national security of our nation…
Excessive regulation, lack of needed pipeline infrastructure, and policies to suppress exploration and development create market volatility that results in higher prices. Our companies do not have the ability to set the price of oil or natural gas, only to make long-term assessments or investment based on capital availability, schedule, and the current regulatory environment. The best way for Congress and the administration to ensure Americans have a stable supply of oil and natural gas is by working with our industry to set sensible regulations and policies that enable us to meet demand domestically and abroad. Increasing domestic oil and natural gas production will help bring down prices for the American people and will reduce our nation’s reliance on foreign sources of energy.
The full letter can be found here, which outlines the following policy recommendations for helping to alleviate rising energy prices that Americans are facing, including:
- Congress and the administration can provide some stability into the market by publicly supporting American-produced oil and natural gas and the important role it plays in our nation’s energy portfolio.
- The administration can allow for increased production on federal lands by conducting regular lease sales – which they are required by law to hold.
- The administration should adjust its current energy policies to authorize construction, expansion, and operation of needed-energy infrastructure, such as pipelines and export facilities, to be constructed.
About the American Exploration and Production Council:
AXPC is a national trade association representing the largest independent oil and natural gas exploration and production companies in the United States. We lead the world in the cleanest and safest onshore production of oil and gas, while supporting millions of Americans in high-paying jobs and investing a wealth of resources in our communities. Learn more at https://axpc.org/