Policy at a Glance: CRUDE OIL EXPORTS

  • Consumers are among the first to benefit from free trade, and crude oil is no exception.
  • Gasoline costs are tied to a global market; additional exports could help increase supplies, put downward pressure on prices at the pump, and support American workers.
  • Exports will help strengthen our energy security as access to foreign customers could drive significant investment in U.S. production and change the security environment around the world.
  • If current restrictions on crude exports were lifted:
    • The cost of gasoline, heating oil and diesel fuel is projected to fall, saving American consumers up to $5.8 billion per year, on average, between 2015 and 2035.
    • In 2020 the U.S. economy could gain up to 300,000 additional jobs and America’s trade deficit could fall by $22 billion.
    • U.S. federal, state, and local government revenues could rise by as much as $13.5 billion in 2020.

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Policy at a Glance: OZONE NAAQS

  • Upcoming EPA regulations of ozone could shut down business expansion and new jobs where 94% of Americans live, without providing any significant public health or environmental benefit.
  • Strict new standards could force communities to shut down business activity in a futile attempt to force ozone levels below naturally occurring background levels.
  • Air quality continues to improve under the existing standards. The health data being used to justify tightening the standard is not compelling, and EPA and the states have not even begun to implement the stringent 2008 ozone standard.
  • These could be the costliest EPA regulations ever, reducing U.S. GDP by up to $270 billion per year, according to a NERA economic analysis.
  • Stricter standards are not justified from a health perspective and are not needed to continue air quality progress.
  • Retaining the existing standards of 75 parts per billion is the right policy choice.

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Policy at a Glance: RENEWABLE FUEL STANDARD

  • The RFS is based on predictions regarding the supply and demand of gasoline that are disconnected from reality.
  • U.S. gasoline demand has dropped while domestic supply has increased due to the shale and natural gas revolution in North America.
  • Cellulosic technologies have not developed as quickly as expected.
  • The EPA rushed through approval of an up to 15% ethanol blend (E15) without adequate testing, leading to engine compatibility problems with E15, potentially voiding car warranties, and adding significant infrastructure and cost challenges.
  • Approaching the ethanol blend wall, the point at which ethanol mandates force more ethanol into the nation’s fuel supply than is safe for most users, could lead to fuel supply disruptions that ripple adversely through the economy, decreasing GDP and reducing worker take-home pay, according to a NERA economic analysis and CBO report.
  • The original purpose of the RFS – to reduce oil imports – has been achieved through rising U.S. oil production. From 2008–2012, net imports fell by more than 1.3 million bbl/d while domestic oil production has increased by nearly 1.5 million bbl/d.

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VOTE 4 ENERGY

Vote4Energy.org is a voter education project of the American Petroleum Institute (API). Vote4Energy does not endorse or support any specific candidate or party, but rather aims to provide voters with relevant information to help them better evaluate public policies and candidates through the prism of American energy.

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TWITTER FEED

@EnergyTomorrow On the Blog: Two #energy visions -- one of progress, one of retreat: https://t.co/QBtVphkKCE pic.twitter.com/M6ezm2A4bH

@EnergyTomorrow New on the Blog: Two #energy visions -- one of progress, one of retreat: https://t.co/JOaj21gvgK pic.twitter.com/yvXgMZckZM

@EnergyTomorrow New on the Blog: Two #energy visions -- one of progress, one of retreat: https://t.co/14Cr8O7Exq pic.twitter.com/GHUKrFvY5L

@EnergyTomorrow #Croatian ambassador: Eastern Europe eager for expedited US #LNG exports: https://t.co/i2oMvMPeIx pic.twitter.com/WdcdsInNQi

@EnergyTomorrow #Iran restarts #oil relationships with Europe, plans to export 300,000 barrels per day: https://t.co/E3a9Fk8X0r

@EnergyTomorrow MT @mdgreen1956: Gerard: $10 tax hike is anti-competitive. I've not heard Iranians plan to add $10 to the cost of a barrel of their #oil

Policy at a Glance: LNG EXPORTS

  • Consumers are among the first to benefit from free trade, and liquefied natural gas – or LNG – is no exception. The export of LNG is one of the most promising economic opportunities of the shale revolution.
  • These exports will increase our national security while significantly reducing our trade deficit.
  • LNG exports are projected to increase government revenues, grow the economy, and support hundreds of thousands of U.S. jobs in engineering, manufacturing, construction, and facility operations.
  • America is in a global race to build LNG infrastructure and secure a competitive position in the international market. Nations that act quickly to attract these investments will reap the economic rewards.
  • LNG exports could contribute as much as $10 to $31 billion per state to the economies of natural gas-producing states, such as Texas, Louisiana, and Pennsylvania.
  • Non-natural-gas-producing states will also benefit, partly due to the boost in demand for steel, cement, equipment, and other goods. States with a large manufacturing base could see economic gains as high as $2.6 to $5 billion per state.

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Policy at a Glance: ACCESS AND DEVELOPMENT

  • 87% of offshore acreage under federal control remains off limits to development.
  • Offshore oil and natural gas leasing could create nearly 840,000 U.S. jobs and raise $200 billion in revenue for the government by 2035.
  • Included in that is over $50 billion and 280,000 jobs along the Atlantic coast, in Florida, Georgia, North Carolina, South Carolina and Virginia.
  • New restrictions offshore Alaska and a rejection of billions of barrels of oil from the coastal plain of ANWR show a lack of commitment to ensuring America’s position as a world leader in energy.
  • Duplicative new regulations on industry operations, and the government’s refusal to even consider leasing in the Eastern Gulf of Mexico and the Pacific, are tying America’s hands against a future of affordable and reliable energy.

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Policy at a Glance: ENERGY INFRASTRUCTURE

  • Sustaining and expanding America’s energy infrastructure is vital to a dependable supply chain that provides uninterrupted energy, which is central to our economic growth and national security.
  • Investing in our nation’s infrastructure means that products from all industries move more efficiently within our nation, which has historically lowered costs to consumers and gives our businesses and manufacturers a competitive edge in the global market.
  • Taxpayers will benefit from private investments in infrastructure. Infrastructure improvements by the oil and natural gas industry could, over the next decade:
    • Encourage as much as $1.15 trillion in new private capital investment;
    • Support 1.15 million new jobs, and
    • Add $120 billion on average per year to our nation’s GDP.
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From the American Petroleum Institute: LATEST NEWS

API: Budget proposal signals radical, anti-consumer agenda

WASHINGTON, February 8, 2016 – The administration’s final budget proposal due out Tuesday appears to outline a radical, anti-energy agenda of tax hikes and new regulations that could harm consumers and raise energy costs, according to API President and CEO Jack Gerard.

API calls on the administration to support consumers and U.S. energy prosperity

Washington, February 4, 2016 – Ahead of President Obama’s budget due next week, API Group Director of Upstream and Industry Operations Erik Milito urged the administration and policy makers to embrace America’s proven market-based approach to energy which has made the United States the global leader in oil and gas production.  

API: New oil tax proposal would harm consumers

WASHINGTON, February 4, 2016 – President Obama’s proposal to add a new $10 per barrel tax on crude oil would harm consumers, said API President and CEO Jack Gerard.

API launches Veterans Energy Pipeline - Tool to connect veterans with job opportunities in the oil and gas industry

WASHINGTON, February 3, 2016 – Today, U.S. Senate Committee on Veterans’ Affairs Member Joe Manchin (D-WV) joined the American Petroleum Institute (API) to officially launch the Veterans Energy Pipeline – www.veteransenergypipeline.com – a new web based tool that will help connect current members of the armed forces and veterans to civilian employment opportunities in the oil and natural gas industry. 

Industry continues to enhance best practices of natural gas storage facilities

Today the Pipeline and Hazardous Materials Safety Administration’s (PHMSA) released a natural gas storage safety advisory modeled after industry’s best practices. 

Demand for petroleum rose in December (includes Monthly Statistical Report)

WASHINGTON, January 27, 2016 – Total petroleum deliveries, a measure of consumer demand, in December rose by 1.1 percent from December 2014 to average nearly 19.7 million barrels per day, according to API’s Monthly Statistical Report for December 2015. These were the highest December deliveries in five years. See: Monthly Statistical Report Summary, Petroleum Facts at a Glance, Monthly Import Statistics for October 2015 (latest available).

Energy Tomorrow is a project of the American Petroleum Institute – the only national trade association that represents all aspects of America’s oil and natural gas industry – speaking for the industry to the public, Congress and the Executive Branch, state governments and the media.