New Congressional Measures Could Have Dire Economic Consequences

Congress and the administration are currently debating measures that could result in unlimited liability for oil spills, additional regulations on well and rig designs, higher taxes and fees and an extended moratorium on drilling projects. If these measures are approved, the economic impacts could be dire — driving small-and mid-sized firms out of business and shutting down access to domestic energy resources.

API analysis has shown that, if continued indefinitely, the moratorium on drilling — or similar proposals that reduce deepwater development — would cost this country 175,000 jobs every year between now and 2035. Over the long term, it also would reduce U.S. oil production by 27 percent and likely increase oil imports by 19 percent.

With millions American’s out of work, now is not the time to approve policies that destroy jobs, raise costs and reduce U.S. energy production.