The American Petroleum Institute, along with over 100 energy trade groups, has called on the Department of the Interior to establish a new five-year offshore leasing program. This initiative aims to maximize the potential of the U.S. Outer Continental Shelf as a reliable energy source.
In their comments to the Bureau of Ocean Energy Management (BOEM), the groups said, "Revising the 5-year offshore leasing program to take full advantage of our rich offshore resources through expanded access and development in the Gulf of America, Alaska, Pacific, and Atlantic will help sustain America’s growing energy advantage for decades to come." They emphasized that "America’s oil and natural gas producers are critical to our economy and the energy resources they provide will be needed far into the future."
The coalition urged for a rejection of past policies that limited lease sales and closed planning areas. They advocate for a "new, robust and more predictable five-year offshore leasing program" with expanded access and consistent lease sales.
Interior Secretary Doug Burgum had previously instructed BOEM in April to start developing a new schedule for offshore oil and gas lease sales. This comes after what was described as "the weakest offshore program in history" by the previous administration.
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. The proposed development could potentially generate over $8 billion in additional government revenue by 2040.
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