The American Petroleum Institute (API) has expressed support for the Department of the Interior's announcement regarding a new lease sale in the Gulf of America. Holly Hopkins, Vice President of Upstream Policy at API, said, "API welcomes the administration’s efforts to fully leverage the Gulf of America’s vast resources as a critical source of government revenue, economic growth and energy security. This is an important step to restore a pro-American energy approach to federal offshore leasing, and we look forward to working with Secretary Burgum to advance American energy dominance."
The U.S. Energy Information Administration reports that offshore production constitutes 14% of total U.S. crude oil production, equating to nearly 2 million barrels per day. It is projected that robust offshore oil and natural gas development could contribute over $8 billion in additional government revenue by 2040.
API represents various segments of the natural gas and oil industry in the United States, supporting approximately 11 million jobs. The organization is backed by a grassroots movement comprising millions of Americans. With around 600 members, API plays a significant role in producing, processing, and distributing much of the nation's energy. API also participates in initiatives like "API Energy Excellence," which aims to enhance environmental and safety standards through technological advancements and transparent reporting.
Founded in 1919 as a standards-setting body, API has developed over 800 standards aimed at improving operational safety, efficiency, and sustainability within the industry.
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