WASHINGTON – Today, American Exploration and Production Council (AXPC) CEO Anne Bradbury released the following statement in regard to the Biden Administration’s “Agency Actions for Review” outlining the actions the new Administration plans to take to “address the COVID-19 pandemic, provide economic relief, tackle climate change, and advance racial equity”:

“Congratulations to President Joe Biden and Vice President Kamala Harris on their inauguration as our 46^th president and 49^th vice president and especially to Vice President Harris on making history as our country’s first woman vice president.

“The oil and natural gas industry is one of the most thoroughly regulated industries in the U.S. and we recognize the importance of regulations that balance the essential value of American oil and natural gas production with the global challenge of addressing climate change.

“We have been anticipating many of these actions and expected the direction of the Biden Administration outlined in today’s announcement.  We want to engage and have constructive dialogue on everything from the best way to reduce methane emissions to recovering from the historic economic downturn caused by the COVID-19 pandemic.

“We are committed to producing American energy under the highest environmental and safety standards in the world and fighting for our workers and our companies’ ability to continue operations.

“We want to be partners in our nation’s recovery. And, we urge the incoming Administration to work with us on ensuring our communities have access to affordable, reliable energy.  Sweeping climate actions that drive up energy prices or cause our workers to lose their jobs and livelihoods should be avoided at all costs.  American families and businesses are counting on stability and strength, and we believe oil and natural gas are part of our country’s long-term future.”

Background:

• We produce the cleanest and safest oil and natural gas here at home, and our country will not stop consuming oil and gas just because it is not produced in the U.S.  Even under the International Energy Agency (IEA) Sustainable Development Scenario, which assumes every country meets their Paris commitments, the world will still get almost 50 percent of our energy from oil and gas in 2040. If American production is limited or restricted by bans on production, the energy needed to meet our demands will be exported from countries like Russia and Saudi Arabia, where they do not have the same safety and environmental protections.
• Oil and gas production on federal lands and waters supports hundreds of thousands of American jobs. Banning production would be a huge economic hit, especially as the country is trying to recover from the COVID-19 pandemic. A recent study found:
  • The total hit to Gross Domestic Product (GDP) by 2040 in Western states alone from a leasing or drilling ban would be $640 billion and $670 billion, respectively. Annual job losses would be 343,088 and 351,555.

• • A ban on new oil and gas drilling leases on federal lands would cost eight Western states $8.1 billion in tax revenue and $34.1 billion in investment in the next five years.

• • According to the Western Energy Alliance: By the end of the first Biden term, GDP would be down $43.8 billion under a drilling ban while wiping out 72,818 jobs annually.

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