U.S. CHAMBER OF COMMERCE

New Study Confirms Need to Open Up More Areas for Oil and Gas Production

New Study Confirms Need to Open Up More Areas for Oil and Gas Production

Today, the National Association of Regulatory Utility Commissioners (NARUC) released the findings of a comprehensive study that details the impacts of continued moratoria on exploration for oil natural gas.  The study was done by experts from Science Applied International Corporation (SAIC) and the Gas Technology Institute and sponsored by a variety of organizations, including the U.S. Chamber’s Institute for 21st Century Energy.

Christopher Guith, vice president for policy at the Chamber’s Energy Institute, made the following statement regarding about the study’s findings:

“The report released by NARUC today confirms the need to open up more areas for exploration of oil and natural gas.  The consequences of inaction are clear: higher energy prices, more imported oil, and stunted economic growth.

“The study brings to a close more than two years of work and establishes a reliable baseline of oil and gas resources available in the United States. There is much to be learned from it—for instance, it reveals that America has 16 percent more natural gas and 23% more oil reserves than previously estimated by the Department of Energy.

“We are hopeful that the results of this study will serve as an impetus for the Department of Interior to revisit its stance on oil and gas exploration.  It is not too late for this administration to harness one of the most powerful economic resources available to Americans.  If more of our energy resources are made available for responsible production, the nation will benefit from more jobs, lower energy prices, and be more secure.

“We are very pleased to have participated with such a respected group of experts from business, academia, and the Obama administration in producing this report.