NPRA Commends House Resources Committee on Passage of Deep Ocean Energy Resources Act; Legislation Could Significantly Increase Supplies of Domestically-Produced Natural Gas and Oil
Posted on: Wednesday, 21 June 2006, 15:00 CDT
NPRA, the National Petrochemical & Refiners Association, released the following statement on the House Resources Committee approval today of the Deep Ocean Energy Resources Act.
NPRA President Bob Slaughter said: "The House Resources Committee vote to allow offshore oil and gas production is very good news for the U.S. petrochemical and refining industries and for all other energy consumers as well. House Resources Committee Chairman Pombo and Reps. Peterson, Abercrombie, Jindal and Melancon have shown leadership by crafting balanced, bipartisan legislation that will allow the nation to produce much-needed offshore energy resources. This legislation grants states that wish to produce offshore energy for the nation the ability to do so.
"Studies indicate that natural gas from the Outer Continental Shelf (OCS) could provide the U.S. with 633 trillion cubic feet of natural gas - about 25 years of natural gas supply. In order to meaningfully address the nation's natural gas supply/demand imbalance, Congress and the Administration must act now to provide an increased supply of these resources. The Resources Committee members who today supported opening the OCS to gas exploration and production have taken an important step to provide for America's economic future and national security. NPRA hopes that the full House of Representatives and the Senate will follow suit as quickly as possible."
NPRA members include more than 450 companies, including virtually all U.S. refiners and petrochemical manufacturers.
Source: Business Wire
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