The American Petroleum Institute (API) has expressed approval of a recent federal court decision that overturned a previous administration's ban on new oil and natural gas activities in federal waters. Ryan Meyers, Senior Vice President and General Counsel for API, said, "We welcome the court’s decision to vacate this politically motivated decision and ensure our nation’s vast offshore resources remain a critical source of affordable energy, government revenue and stability around the world."
Meyers emphasized that the ruling is significant for advancing a new five-year offshore leasing program, which is crucial for meeting increasing energy demands in the United States. According to data from the U.S. Energy Information Administration, offshore production contributes 14% of total U.S. crude oil production, equating to nearly 2 million barrels per day.
The potential economic impact of robust offshore development is substantial. It could generate over $8 billion in additional government revenue by 2040. Furthermore, America's offshore resources are noted for producing some of the least carbon-intensive barrels globally.
The American Petroleum Institute represents various sectors within the U.S. oil and natural gas industry and supports nearly 11 million jobs across the country. Founded in 1919, API has developed more than 800 standards aimed at improving operational safety and environmental sustainability.
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